Gold: Next Hurdle Is $1400
Candy Matheson | Jul 20, 2014 01:02AM ET
If Gold can hold above the $1300-1330 major support level shown on the 5-Year Weekly chart below, the next resistance level is around the $1400 level.
There is a convergence of the 50-week moving average, mid-Bollinger® Band, -1 deviation level of the downward-sloping channel, and the 5-Year Volume Profile POC (pink line along the right side of the chart) at this major support level.
Gold has, generally, been under accumulation since June of 2013, although it has been trading in a large range between $1180 and $1400 since then...one to watch in the coming days/weeks, particularly in light of Thursday's major geopolitical events in the Ukraine and Israel/Gaza Strip.
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