FOREX Chart Of The Day: Key Gold Level
Will #GOLD remain bullish this year?
#GOLD seasonally rallies through January and February but what key level should you look to buy from?
Watch the video to learn more…
Hi, and welcome to this Blueberry markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going to take a look at Gold (XAU), and we’re going to point out a key level to watch this month.
If we take a quick look at the yearly heat map, we can see through January and February; XAU is typically quite strong out of most markets. Gold, Palladium, Platinum and Silver typically have a good month through January and February. Looking at that, we could be looking for areas of support that we could see tested going into this month.
What I look at on the charts is an area that was most traded last month, and we can see through this 18750 level, or zone has been very active last December. We’ve seen the market find resistance here, some strong support, even a nice dip through there, and close back above. We’ve also seen some resistance, support, support. What happened after that point is that the price rallied away from it. Meaning, if institutions are doing business in the market at this point, we’ve seen that the buyers won and the buyers push the price to the upside. If the price were to come back down into this support level, we could expect or anticipate the buyers to step back in because what they would be doing is defending their level or defending their positions at that point.
We have the most traded level at 1877.50 – acting as support in line with the year’s overall heat map.
Keep an eye on XAU – a huge level at 1877.50. if the price gets to this point, we’ll look for a buying opportunity in line with the yearly heat map.
Thanks for watching and I’ll speak to you soon.
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