Followers | 686 |
Posts | 142330 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Thursday, May 30, 2024 4:53:55 PM
By: Bruce Powers | May 30, 2024
• Gold's recent pullback to 2,322 finds support at the 50-Day MA, with potential for another advance toward record highs.
Gold fell to a new pullback low of 2,322 where it found support and bounced. That low completed a successful test of support at the 50-Day MA (2,324), as price was rejected to the upside. Also, notice that today’s high of 2,352 provided another test of resistance just below the purple 20-Day MA on the chart. The 50-Day line is a key intermediate trend indicator.
![](http://responsive.fxempire.com/v7/_fxempire_/2024/05/a-graph-of-stock-market-description-automatically-188.png?func=crop&q=70)
First Test of Support at 50-Day Line
Today was the first test of support at the line since gold broke out above it on February 29. That was the beginning of the sharp rally that peaked last week at a new record high of 2,450. It should continue to maintain support if gold is to have another shot at record highs before a deeper retracement. That means today’s low support at 2,322 is a key near-term price level for gold.
Break Above 2,364 Shows Buyers Back in Charge
Beginning on Friday’s trading session, gold will show strength on a rally above today’s high of 2,352. But an advance above the minor swing high at 2,364 will give a clearer sign of strength as that will also put gold back above the purple 20-Day MA, currently at 2,355. However, to clear the pullback bottom and set the stage for a test of the recent record high, the price of gold should get above last Thursday’s high of 2,384. Interestingly, notice that two trendlines cross just around that price zone.
![](http://responsive.fxempire.com/v7/_fxempire_/2024/05/a-graph-of-stock-market-description-automatically-189.png?func=crop&q=70)
Weekly Chart is Clearer
Nevertheless, when looking at the weekly chart the picture is a little clearer. There is one more day of trading for the week and unless gold shows greater strength before the week’s close it is set to end with a relatively narrow range week with a high of 2,364 and a low of 2,322. Narrow price ranges typically end with an acceleration of momentum in one direction or another once a breakout triggers. On a weekly timeframe, it is representative of consolidation.
There was only one other weekly narrow range since the breakout of a symmetrical triangle began the recent sharp rise on February 29. It occurred on March 11 and was followed by a resumption of the bull trend. However, there was a quick drop below the week’s low before buyers took back control.
Read Full Story »»»
![](http://studentaid.gov/universal-navigation/assets/us_flag_small.png)
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GOLD News
- Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims • GlobeNewswire Inc. • 06/07/2024 11:18:39 AM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/29/2024 08:01:04 PM
- Barrick’s Sustainability Strategy Delivers Real Value to Stakeholders • GlobeNewswire Inc. • 05/15/2024 11:00:00 AM
- Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica • GlobeNewswire Inc. • 05/01/2024 10:15:00 AM
- Barrick to Ramp Up Production As It Remains On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 05/01/2024 10:00:00 AM
- Barrick Declares Q1 Dividend • GlobeNewswire Inc. • 05/01/2024 09:59:00 AM
- Barrick Announces Election of Directors • GlobeNewswire Inc. • 04/30/2024 08:15:55 PM
- Barrick On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 04/16/2024 11:00:00 AM
- Notice of Release of Barrick’s First Quarter 2024 Results • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- Strategy-Driven Barrick Builds on Value Foundation • GlobeNewswire Inc. • 03/28/2024 09:20:38 PM
- Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base • GlobeNewswire Inc. • 03/20/2024 02:00:00 PM
- Barrick Opens Academy at Closed Buzwagi Mine • GlobeNewswire Inc. • 03/18/2024 08:00:00 AM
- Barrick to Grow Production and Value on Global Asset Foundation • GlobeNewswire Inc. • 03/15/2024 11:53:01 AM
- Loulo-Gounkoto Delivers Another Value-Creating Performance • GlobeNewswire Inc. • 03/10/2024 10:00:00 AM
- Passing of the Right Honorable Brian Mulroney • GlobeNewswire Inc. • 03/02/2024 01:17:35 AM
- Kibali and DRC Partner to Promote Local Content • GlobeNewswire Inc. • 03/01/2024 02:22:43 PM
- Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara • GlobeNewswire Inc. • 02/23/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/14/2024 10:28:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/14/2024 08:05:25 PM
- Clear Strategies and Strong Partnerships Set Barrick Up to Outperform, Says Bristow • GlobeNewswire Inc. • 02/14/2024 11:00:00 AM
- Barrick Announces New Share Buyback Program • GlobeNewswire Inc. • 02/14/2024 10:59:00 AM
- Barrick Declares Q4 Dividend • GlobeNewswire Inc. • 02/14/2024 10:58:00 AM
- NGM Strongly Positioned for Growth • GlobeNewswire Inc. • 02/10/2024 01:00:16 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/08/2024 03:03:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/08/2024 12:46:55 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM