gold Wagner silver Gold breaks below $1680 yesterday, closing below a major level of technical support
Yesterday’s gold closed below the support level at $1680. This was the first instance since gold broke above that price point in April 2020. The yellow rectangle on the left-hand side of “chart 1”, a weekly bar chart of gold illustrates the break above that level. It is marked with a large letter” R” on the weekly gold chart below.
What followed were multiple instances when gold traded as low as $1680 and recovered. These areas are marked support 1, 2a, 2b, 3, and 4. Up until yesterday every attempt to breach and traded below 1680 was unsuccessful. That is what makes yesterday’s price move below that support level so significant on a technical basis.
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