Tuesday, January 16, 2018 9:48 AM EDT
(Click on image to enlarge)
The monthly chart for gold gives gold traders and investors some much-needed cheer as the precious metal now has some solid support at $1257 where the volume point of control currently sits, and from where the metal has progressed on solid volume. To the upside $1357 is the target and first significant resistance on this time frame, and any break through here would take the metal to $1374. But what is encouraging from this price action is that any break of this second resistance would take gold into a low volume node on this chart, and gives the metal the potential to accelerate higher and back to the key $1500 per ounce region.
Much, of course, will also depend on the USD, and whether the currency can reverse the current bearish sentiment.
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Disclaimer: Futures, stocks, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, stocks, commodities and forex markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, stocks, commodities or forex. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. Past performance of indicators or methodology are not necessarily indicative of future results.
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