Gold resistance - testing back below 2k

24 thg 4, 2023

last week was the first weekly close below 2k in GC since the recent breakout. Weekly chart highlights the multi-year range, big question is whether sellers have enough to re-take control of near-term trends this week. I don't doubt that Gold can prod a lasting move above 2k, I just don't think that'll happen until the Fed pivots and I'm not expecting that while Core CPI > 5%.

Am tracking a series of resistance levels overhead, 2008 near-term, 2023 above that. 2037, 2049 above that

supports 1980, 1954 and then 1944

next week is FOMC and ECB