Home Precious Metals Prices After A Tough Week For Gold Here Are The Key Price Support...

After A Tough Week For Gold Here Are The Key Price Support Levels To Watch Now – Mike Swanson

Last week was a tough weak for the markets and, after anther brutal CPI report, people are FINALLY waking up to the reality that inflation is not temporary or transitory. It’s impossible to deny now when core inflation went up last month even as energy prices dipped. Even People are admitting to themselves that the Fed is not going to “pivot” anytime soon. Bull gurus are now find reasons to just hope that the bear market will not hurt people too much more. On Friday, there was buying into the close and I wouldn’t be surprised if we don’t see some more buyers try to come in to start this week going into the Wednesday Federal Reserve meeting. But if the market does bounce a bit into the Fed don’t be shocked if by the end of the week if it ends up being a red week anyway. Buy the hope sell the hope.

In this video we take a look at the key support levels to watch for the price of gold now. Gold is trading on major support at the confluence of its lows of last year, the 1/3 retracement level of its 2016 low and 2021 high, and its lower 200-day Bollinger. All of these areas are very close to the previous Friday close of 9/16/2022. If gold closes below $1850 I would consider that to be a a failure of this major support zone. I take a look at the next two long-term support zones below it in this video.

The bad news is that I do believe that gold is likely to close below this first long-term support level (again gold could bounce into Fed and dump afterwards) and weaken into the end of this year. However, there is some good news about gold too when it comes the technical analysis charts.

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