Please try another search
For gold bugs, it’s a question of patience and more patience as the precious metal continues to remain rangebound at the same level as the test of resistance, around the $1,830-per-ounce level, is firmly rejected. This rejection occurred several times in December. And, as we start a new trading year, this pattern is being repeated once more. The level is defined by the red dashed line of the accumulation and distribution indicator on the daily chart. It sits at $1,828 per ounce. As I have written many times before, the line thickens according to the number of times a level has been touched and held.
And as can be seen on the daily chart for gold, this level is once again taking on increased significance. But of course, even if it is breached, there is no guarantee it will hold as we saw in November, when the price rise promised much before the metal ran into heavy selling and weakness in a volatile trend higher. The resulting price waterfall accelerated the move back to the VPOC, which remains firmly anchored at $1,788 per ounce and denoted with the yellow dashed line.
So in the short term, patience is required for gold bulls. Until the $1,830 level is breached and holds we are unlikely to see any sustained upside momentum. Even then, it might be short lived, but as always such a move will be confirmed with volume and price.
On a more positive note, we have a low volume node on the VPOC, between $1,830 and $18,50 per ounce, with relatively light volume on the VPOC histogram. So progress higher will not require a huge effort to break away, which, when it comes, may be another volatile move as before.
The price for United States Oil Fund, LP (NYSE:USO) has been trending sideways over the past few months as traders, speculators, hedge funds, and users of oil wrestle with a...
US oil is on sale to the world. Joe Biden has been selling out our Strategic Petroleum Reserve at a record pace, and China and Europe are buying. US SPR reserves are at the lowest...
This article was written exclusively for Investing.comGold and silver have enjoyed a decent week so far, both halting a 4-week decline with impressive gains. Is this the start of a...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.