Key Support: 1890 - 1870
Key Resistance: 1910 - 1925
Gold has been in a very strong bullish move since the beginning of April (+13.78% move) breaking with the long term bearish structure it had been trading in since it hit all time highs back in August 2020.
The last time we broke with a new high and held it as support was back in May 16th and when that happen Gold rallied 2.5% to create a new high around 1890.
This high was eventually broken with on Tuesday and right now we are retesting it as support. Historic price action suggests a 2% move to at least 1920 (green line). With the DXY (US Dollar Currency Index) still trading in a very structured bearish move and talks of QE tapering hitting the wires, metals could in fact start to rally really hard. We are going to swing trade this with the VIP Group. To subscribe go HERE