[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

Gold Helps Me Sleep at Night

The King and Queen will be Gold and Silver

Jim Rogers Interview

Blog posts

Gold’s Role in the International System

Investors choose to invest in gold bars and buy silver bars because there is no counterparty risk. In a world where money is devalued every second and governments are scrambling to stay afloat, it’s worth holding some assets outside of the increasingly tenuous financial system. Below, we look at two countries who couldn’t agree more.  […]

READ MORE

What the World Cup can tell us about inflation

Football, love it or hate it, will dominate news outlets and Zoom small talk for the next month. Both the sport and the politics have entered the debating arenas, but there has been little mention of the whopping prize fund. Yes, football is one of the world’s largest industries, but is the prize fund just […]

READ MORE

The Bitcoin is ‘as-good-as-gold’ myth is over

When you invest in gold or buy silver coins with GoldCore you are choosing to invest in an asset that has no counterparty risk. Sadly those who have been holding their bitcoin on the crypto exchange FTX, have not experienced the same level of reassurance and service from the exchange’s management. This event is all […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Gold Helps Me Sleep at Night

The King and Queen will be Gold and Silver

Jim Rogers Interview

Blog posts

Gold’s Role in the International System

Investors choose to invest in gold bars and buy silver bars because there is no counterparty risk. In a world where money is devalued every second and governments are scrambling to stay afloat, it’s worth holding some assets outside of the increasingly tenuous financial system. Below, we look at two countries who couldn’t agree more.  […]

READ MORE

What the World Cup can tell us about inflation

Football, love it or hate it, will dominate news outlets and Zoom small talk for the next month. Both the sport and the politics have entered the debating arenas, but there has been little mention of the whopping prize fund. Yes, football is one of the world’s largest industries, but is the prize fund just […]

READ MORE

The Bitcoin is ‘as-good-as-gold’ myth is over

When you invest in gold or buy silver coins with GoldCore you are choosing to invest in an asset that has no counterparty risk. Sadly those who have been holding their bitcoin on the crypto exchange FTX, have not experienced the same level of reassurance and service from the exchange’s management. This event is all […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE