[Chart] Gold is Looking Strong as it Tests Resistance

Since it’s sell-off from it’s early August high, gold has been stuck in an ever decreasing range.

Having had a remarkable rally to an intra-day high of $2,078 on the 7th of August Gold has traded sideways and consolidated. This has been viewed by many market commentators as a healthy pause in gold’s bull rally as when markets go parabolic they tend to retrace just as fast.

The underlying rationale for owning gold has not change over the last month and some would say that it continues to increase. However, stock markets returned to their uptrend and gold traded sideways in an ever tighter range.

It is once again testing the top of the short term range and a close above $1,975 could quickly see a retest of $2,000. However, a failure at these levels could set up a further retracement in the short term, which could test $1,910 or lower.


NEWS and COMMENTARY

Gold gains as dollar softens ahead of Fed meeting

Slowing investor demand looms over gold prices (Reuters)

Dollar softer on improved risk appetite, yuan soars

Why gold is still a safe haven in times of crisis

IEA cuts 2020 oil demand forecast, sees ‘treacherous’ path ahead with rising coronavirus cases


GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

14-Sep-20 1942.30 1958.70 1511.69 1518.97 1638.14 1648.83
11-Sep-20 1944.50 1947.40 1519.82 1523.06 1639.41 1644.38
10-Sep-20 1944.80 1966.25 1493.41 1519.71 1643.74 1651.26
09-Sep-20 1928.40 1947.20 1489.69 1496.62 1638.56 1647.14
08-Sep-20 1920.60 1910.95 1467.72 1466.27 1626.17 1622.40
07-Sep-20 1928.40 1928.45 1463.08 1465.43 1629.88 1631.47
04-Sep-20 1937.60 1926.30 1456.49 1459.56 1634.75 1633.12
03-Sep-20 1934.10 1940.45 1453.86 1459.99 1635.28 1637.74
02-Sep-20 1969.00 1947.05 1475.17 1462.43 1659.47 1645.45
01-Sep-20 1987.95 1972.35 1479.83 1469.60 1661.33 1651.45
28-Aug-20 1955.85 1957.35 1471.97 1472.91 1642.72 1647.31

 


Access Latest Goldnomics Podcast (Part II) Here



Own gold coins and bars in the safest vaults in Zurich, Switzerland with GoldCore. Learn why Switzerland remains a safe haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here


Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here



Mark O'Byrne

Also on news-goldcore-com

Videos

Jim Rickards – Don’t Trust the Fed’s Narrative

[Video] It’s here! Jim Rickards on The M3 Report – Episode 1 is Live Now

How Long Will Inflation Last 2022 – Charles Nenner

Blog posts

Gold cheers when the Fed tries to fight the inevitable

Yesterday the Fed released the minutes from the FOMC’s July meeting. There were few surprises, but two things really stood out; members are anxious about inflation and they’re anxious about a recession. As you will read below, this is good news for the gold price and anyone who has already decided to invest in gold. […]

READ MORE

Jim Rickards – Don’t Trust the Fed’s Narrative

“Don’t underestimate the power of a narrative” says our guest on GoldCore TV this week. Jim Rickards joins Dave Russell to talk about perception, the Putin Price Hike and why he believes Ukraine cannot win the war. If you enjoyed the interview, look out for our new look GoldCore TV show, The M3 Report, when […]

READ MORE

Inflation is now out of the control of central banks

When “whatever it takes” means confiscation of wealth One of the reasons people decide to buy gold bullion or add silver coins to their portfolio is because they cannot be devalued. No one can suddenly decide to print more gold or silver! Sadly, this is exactly what happens with currencies around the world. And the […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Jim Rickards – Don’t Trust the Fed’s Narrative

[Video] It’s here! Jim Rickards on The M3 Report – Episode 1 is Live Now

How Long Will Inflation Last 2022 – Charles Nenner

Blog posts

Gold cheers when the Fed tries to fight the inevitable

Yesterday the Fed released the minutes from the FOMC’s July meeting. There were few surprises, but two things really stood out; members are anxious about inflation and they’re anxious about a recession. As you will read below, this is good news for the gold price and anyone who has already decided to invest in gold. […]

READ MORE

Jim Rickards – Don’t Trust the Fed’s Narrative

“Don’t underestimate the power of a narrative” says our guest on GoldCore TV this week. Jim Rickards joins Dave Russell to talk about perception, the Putin Price Hike and why he believes Ukraine cannot win the war. If you enjoyed the interview, look out for our new look GoldCore TV show, The M3 Report, when […]

READ MORE

Inflation is now out of the control of central banks

When “whatever it takes” means confiscation of wealth One of the reasons people decide to buy gold bullion or add silver coins to their portfolio is because they cannot be devalued. No one can suddenly decide to print more gold or silver! Sadly, this is exactly what happens with currencies around the world. And the […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE