{"id":172552,"date":"2020-06-23T08:30:49","date_gmt":"2020-06-23T12:30:49","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=172552"},"modified":"2020-06-23T07:13:31","modified_gmt":"2020-06-23T11:13:31","slug":"key-levels-to-watch-for-golds-next-move","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/06\/key-levels-to-watch-for-golds-next-move\/","title":{"rendered":"Key Levels to Watch for Gold\u2019s Next Move"},"content":{"rendered":"
June 23, 2020<\/div>
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By Money Metals News Service<\/b><\/p>\n

Gold prices have been trading within a well-defined $100 range over the past two months. Gold\u2019s chart shows strong support at $1,675\/oz and a zone of resistance at $1,750-$1,775.<\/p>\n

A breakout above the trading range could quickly send gold prices<\/a> to $1,900\/oz \u2013 where they would challenge their former all-time highs set in 2011.<\/p>\n

\"Gold<\/p>\n

Seasonally, the month of June tends to be weak.<\/p>\n

It wouldn\u2019t be surprising if short sellers in the futures market managed to drive prices back down toward the bottom of the range one more time.<\/p>\n

That said, gold prices are closer to breaking out than breaking down from this high-level consolidation. And given that this year has been extraordinarily atypical for all markets, we wouldn\u2019t necessarily expect typical summer doldrums to afflict precious metals.<\/p>

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Silver has support at $17.00\/oz and overhead resistance at $19.00. Silver prices<\/a> ran up to the $19.00 level in late February (just before the crash) and did so again at the end of May.<\/p>\n

A breakout above $19.00 and then above $20.00 would finally put silver on the map of mainstream investors \u2013 especially since it would likely coincide with record-high gold prices.<\/p>\n

With silver being more affordable to retail buyers of limited means, and more vulnerable to supply shortfalls, we expect it will outperform gold during the coming public participation upleg.<\/p>\n

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The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Money Metals News Service Gold prices have been trading within a well-defined $100 range over the past two months. Gold\u2019s chart shows strong support at $1,675\/oz and a zone of resistance at $1,750-$1,775. A breakout above the trading range could quickly send gold prices to $1,900\/oz \u2013 where they would challenge their former all-time […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-172552","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/172552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=172552"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/172552\/revisions"}],"predecessor-version":[{"id":172572,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/172552\/revisions\/172572"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=172552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=172552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=172552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}