After finally finding a near term top over the last couple weeks as we probed levels we have not seen since 2011/2012, gold looks like it produced the pullback that most people were waiting for.
Silver posted today an outside spinning top after a relentless 3 month rally higher.
The Gold silver ratio reversed lower last month from an almost all time record high (above 93).
Gold ran into key resistance yesterday as we hit the 1535 level (as we have been expecting). This level is significant as it is the 2011/2012 lows.
Gold finally broke out higher from multi-year resistance, and that has certainly caught the market’s attention. Attempts have been made to explain this move, but what are really the factors that move Gold – both in the short term as well as the long term?
Gold squeezed shorts post FOMC decision today into the pit close, leaving the instrument at key resistance at the 1360 level.
Gold has spent the last 2 months consolidating within a flat bottom triangle.
Gold has spent the month of March moving higher in a channel, but the last couple sessions we have stalled at the 61.8% retracement of the February highs to March lows at $1321.
Gold has spent the last couple of weeks consolidating its gains in what looks like a bull flag.