Gold’s Multiple Resistance Zones

Gold has multiple resistance zones at the $1380-$1400 level. It’s going to take some work to break through these. Gold will need some help from the dollar, which it will eventually get as the greenback will be due for its intermediate cycle low by the end of September or early October. Once the breakout occurs, gold should make a bee-line for the 50% Fibonacci retracement -- and then maybe to $1550 before this intermediate cycle tops.

Price is trapped between the 200 week moving average and the bear market trend line. I’m going to say that there is almost no chance of gold dropping back below the 200-WMA for the rest of this bull market.

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