Gold: Is a Break Below $1,913 Possible?
2023.09.12 03:39
is held in a range from resistance at 1928/30 down to minor support at 1918/16.
Trading my levels has worked perfectly for a few days, and we can continue to trade these levels while I wait for a breakout. Shorts at 1928/30 need stops above 1934.
We are in a 4-month bear trend, so a break below 1913 is possible, targeting 1904/02.
is trading at the lower end of the 5-month sideways channel from 2240/20 up to 2450/70.
In the very short term, we are holding a range from 2290/80 up to minor resistance at 2325/35. I will wait for a breakout.
October forming a bull flag, with prices consolidating recent gains but no sell signal despite overbought conditions.
The lower trend line is at 8650/30 today. A break below 8600 targets 8520/8480 which is likely to see a low for the day if tested.
If we continue lower, however, look for a buying opportunity at strong support at 8320/8280. Longs need stops below 8230.
Targets: 8400, 8480
Upper trend line resistance at 8790/8810. A break above 8825 should be a buy signal targeting 8880, 8835 and perhaps as far as 8970/90.
