Gold: bouncing from local support

Gold: bouncing from local support

2021-02-22 • Updated

Gold’s multi-month downtrend is continuing its way. Recently, it came to 1 765 – the November highs. However, that support level sent gold back upwards. Unless gold reverts at 1 800, expect it to go upwards to 1 825 – that may be a possible target for bulls where the price will form a local high to go down again. If the bullish push will be more extended, the resistance level to watch will be 1 850 – that will only be the mark that’ll confirm if the downtrend will stay in power.

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