Going beyond the start of 2015 has 'some' evidence of 1300 being an important level but not as clear cut as from 2015. I draw your attention to that green box pre-Trump election victory when price was really struggling to sustain that bullish momentum with the eventful 1st week of Oct2016 smash down on a NY open trading day. Currently price in August attempted to shoot through that block and failed although it took out the Trump victory high.
Technically 1300 on that pullback should have been the new support with evidence of the higher lows higher highs leading into the pullback. Momentum had been bullish. NFP reversal was again indicating that momentum was continuing through the pin bar but as you can see 1300 was again coming into play but acting as the resistance last week.
Currently there seems a fight between the technicals and the fundamentals (inflation through Trump fiscal stimulus/next Fed chair hawkish/dovish views) with evidence that global economy is not as bad as it has been. "Dr. Copper" is making a reversal in price trends since 2016. This is a canary in the coal mine. I am slightly confused as to how sustainable the gold bull momentum can last because the fundamentals are at odds with the technicals and I am not into the predicting game.
AFAIK NST is still in an uptrend and a break of all time high 5.89 will confirm this bull trend will keep going up. Currently I am trying to establish if a returned economic growth globally can co-exist with safe haven buying of gold. Perhaps you can explain to me this part of the gold personality? Cheers.
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