Gold Could Break Above A Long-Term Downside Line Soon – Investing.com

Gold Could Break Above A Long-Term Downside Line Soon – Investing.com

has been in a rally mode since Thursday, after hit hitting support at $1758 the day before. Today though, that rally was stopped near the downside resistance line taken from the peak of Aug. 6, 2020.

For now, the metal has stayed below that line and trades above an upside line taken from the low of Aug. 9 this year. Thus, as long as it remains between those two lines, we will stay neutral.

To start examining further advances, we would like to see a break above the crossroads of the long-term downside line and the critical resistance level of $1834, which has been acting as a temporary ceiling since Jul. 15.