Will $1700 become a sustainable support level for gold? kitconews gold silver investing economics mining finance metals
Over the two trading days gold futures have traded below $1700 and, on both occasions, recovered closing above that case psychological level. So, it is not illogical to wonder whether or not this price point will become a sustainable level of support or simply a pause before gold heads to lower prices.
In both instances, gold traded to a low of approximately $1678. At the beginning of March 2021 gold traded below $1700 for three consecutive days before it moved above that price point. During the second instance that occurred at the end of March gold broke below 1700 and then on the following day open below 1700 but closed well above that price point.
The chart above is also a daily chart of gold futures. It references the same instances when gold broke below $1700 per ounce on three occasions. However, it highlights those lows which indicate that on each occasion gold broke through $1700 and did not find any price support until approximately $1780 per ounce.
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