Time for Gold to Shine?
2022.11.17 10:22
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The FTX collapse seems to have been the catalyst to drive prices higher, and not the current environment, as the precious metal finally broke away from the volume point of control at $1690 on the daily chart.
From a technical perspective, the triple bottom at $1620 also provided a nice springboard. However, the move higher looks to have run out of steam, as confirmed by the falling volume and the strong price resistance on the weekly chart at $1800.
Since annotating the daily chart, the metal has continued lower and is trading at $1766 at the time of writing, close to the level highlighted on the chart.
Technical levels are clearly marked on the daily and weekly charts, along with the effort required to move higher.
Factors likely contributing to a continuation of the breakout include lots of volume, further collapses in crypto, a weaker , and perhaps a return to gold’s traditional role as a store of value against currency debasement and inflation.
Some interesting times ahead for the precious metal.
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