Gold cracks above $1600 for the first time since January 8th

Technical Analysis

Author: Greg Michalowski | gold

The high in 2020 has reached $1611.42

The price of gold has cracked above the 1600 level for the 1st time since January 8. On that day, the price reached $1611.42. It was the highest level since March 2013.

The high in 2020 has reached $1611.42
Looking at the daily chart, the price has moved above the 61.8% retracement of the move down from the 2011 low at $1587.02.

Join down to the hourly chart, the price has moved above a topside trend line at the $1600 level. So there are a couple reasons for the that level being a barometer for the bulls and bears in trading intraday. Stay above is more bullish.

Gold on the hourly chart

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose