2023-04-04 23:00:11
Gold’s Battle to Maintain $2000 Gains
- It has been just a little over one year ago that gold futures traded and closed above $2000 per ounce. On March 8, 2022 gold futures opened above $2000 per ounce, traded to a high of $2078 and closed at approximately $2043. Even though gold futures were able to close well above $2000, that price point was unsustainable. On the following day, March 9, 2022, gold opened at approximately $2060 and strong selling pressure drove prices back below $2000 closing at $1988.
Two weeks ago, gold challenged the key psychological level of $2000 per ounce on three occasions, however, gold was unable to sustain gains above $2000 on each occasion.
- The current pattern for gold is a symmetric triangle, with a lower ascending trendline providing support and an upper descending trendline forming resistance. Whether gold will be able to sustain pricing above $2000 per ounce remains uncertain, and will depend on whether it holds that price point on a closing basis for several days.
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