Followers | 686 |
Posts | 142814 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Wednesday, July 17, 2024 6:58:39 PM
By: Bruce Powers | July 17, 2024
• After hitting a record 2,484, gold faces resistance with a potential bearish pattern, yet retains bullish outlook above key support levels.
Gold continued to advance to a new trend high of 2,484 on Wednesday before encountering resistance. Sellers took back control from that high and have set gold up with a potential bearish shooting star candlestick pattern. Underlying strength remains however, as Wednesday is on track to complete a narrow range day near the highs of Tuesday’s new record high wide range breakout day. Strength indicated by the breakout was confirmed by Tuesday’s close above the previous record high of 2,450.
![](http://responsive.fxempire.com/v7/_fxempire_/2024/07/a-graph-of-stock-market-description-automatically-102.png?func=crop&q=70)
High Completes ABCD Pattern Begun in 2018
There are a couple things to notice about today’s new record high. First, a target zone was hit on today’s advance at 2,480. That is a long-term target from a large ascending ABCD pattern that began from the August 2018 swing low. It began the AB leg of the advance. The second leg up, the CD portion, began from the September 2022 swing low. A potential pivot price is indicated once the price change in the second leg up matches the first. That is what is being seen so far.
It is confirmed by a short-term trendline connecting swing highs beginning with April 12. The high today was essentially a match with potential resistance indicated by the line. The ABCD pattern target is an initial target from the pattern. As gold continues to rise, extended targets will play a role. A 127.2% extended target for the ABCD is at 2,715.
Lower Support Starts with 2,411
If the bearish retracement from Wednesday’s high continues, it is triggered on a decline below today’s low of 2,451. A 38.2% Fibonacci retracement completes at 2,411, while this week’s low is at 2,401. Either marks an area of potential interest from buyers. Nevertheless, the 50% retracement level of 2,389 is confirmed by a prior interim swing high from early-June.
The 50-Day MA is a key trend support zone for gold. It is at 2,366 currently. Therefore, the bullish outlook is retained in gold if it stays above the 50-Day MA. Notice that recently the purple 20-Day MA crossed above the 50-Day line, proving another sign of strength for the precious metal.
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 GLD News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 06:46:50 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 06:11:30 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:33:22 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/19/2024 05:18:16 PM
- Crypto: RNDR, LINK, CHZ Emerge as Wednesday’s Top Performers, Ethereum Pilots Dencun Update, and More • IH Market News • 01/17/2024 04:51:44 PM
- Form 424I - • Edgar (US Regulatory) • 12/27/2023 04:04:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 12/22/2023 09:02:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/22/2023 07:49:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/14/2023 02:12:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 08:02:07 PM
- Gold Stabilizes Near One-Month Highs as U.S. Interest Rate Hike Expectations • IH Market News • 08/31/2023 12:43:38 PM
- Gold Closes Higher, With Strong Retreat In Treasury Interest Rates And Dollar Low • IH Market News • 08/29/2023 06:20:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2023 06:55:27 PM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM