Gold trades just under $1900 at year end

Technical Analysis

Author: Greg Michalowski | gold

Up from $1517.27 at the year end 2019.

The price of gold is ending the year just under the $1900 level. The current price is trading at $1897.93. That is up $3.54 or 0.19%.  The high price today reached $1900.89. The low price extended to $1885.49. 

Up from $1517.27 at the year end 2019.
For the year, the price at the end of 2019 closed at $1517.27. For the year the prices up $380.66 or 25.08%.  Flights into the relative safety of gold and a lower US dollar helped contribute to the rising the precious metal.  

Technically, the low was reached back in March at $1451.55. The price high was in August that $2075.47.  The correction off the high did stall right near the 50% midpoint of the years trading range at $1763.51 on December 1. Since then, the price rebounded back above the 200 day moving average (green line currently at $1829.60) and toward the 100 day moving average at $1896.19. The move higher today has taken the price above the 100 day moving average. The close above is the first since November 6.

For silver in 2020, the price closed to thousand 19 at $17.85. In March, the price tumbled lower to the low for the year and $11.64. It took until early July for the price to start to move into positive territory for the year and extend higher. The high price came in early August up at $29.85. The corrective low in September reached $21.67 and was retested in early December before moving higher into the end of year.

Technically the price is closing above its 100 day moving average at $25.08. That moving average would be a key barometer for the bulls and bears going into 2021.

Silver on the daily chart


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