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Gold is Going Higher

Posted on 3/07/2024

by Steven Warrenfeltz

GOLD

In this guide's newsletter released to subscribers two days ago, I wrote that I was watching gold's price as it moved inside a very large rising wedge, which is a negative sign for gold, unless gold's fundamentals continue to help it move higher.

The chart below was published in the newsletter released on March 5th. 

(click chart to enlarge)

Whenever a negative pattern is broken to the upside, as gold did to this rising wedge, it is a very good sign that the price of gold will hold its recent gains and move higher.

(click chart to enlarge)

Charts provided courtesy of TradingView.com

We will likely see some pullback in the price of gold; look for it to hold at one of its new support levels listed below. 

From there, fundamentals in the market will move gold to new highs; look to tonight's State of the Union address and tomorrow's Non-Farm Payroll report for future movement.

Gold's Price Resistance Levels

$2265.00

$2200.00

$2185.00

Gold's Price Support Levels

$2145.00

$2125.00

$2090.00

$2000.00

Thank You for Your Time.

Take Care & God Bless,

Steve

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