After registering low at 1554, the yellow metal seem to be crawling at a snail pace back to upside. If you look at the candles, one by one, you’ll notice that there’s isn't a single day where the buyers and sellers can really claim the throne.
The yellow metal is trying to find its base or technically, a strong support. Historically, the buyers should have found it by now.
From early June to late August 2012 , gold had been stabilizing itself in the same fashioned way. It found a support (1556) and resistance (1634) zone inside the blue rectangle box. A breakout from the box was accompanied by a long white candlestick and an upside move of the MACD.
I wouldn't be surprised if the current price would take the same action. The buyers should find the current low (1554) interesting enough to add to their position. A ceiling of 1620/1625 should provide the resistance; although they have to break the psycho level 1600 and fibo 23.6% first.
The main question for now is, can gold break more to the downside? Can it actually break the current base and hit a new low? I woukld let the answer come from 1) the equity market; namely the DJIA and 2) the March FOMC meeting.
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Spot Gold: Stabilizing And Finding A Base
Published 03/18/2013, 07:25 AM
Updated 05/14/2017, 06:45 AM
Spot Gold: Stabilizing And Finding A Base
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