Gold at $1678 has demonstrated technical support on multiple instances

On January 3 gold opened at $1800 and began a dynamic rally that concluded on March 9 when gold hit its highest value this year of $2077. In just over three months gold gained roughly $277 in value or 13.33%. On March 15 the Federal Reserve enacted its first interest rate hike since 2018 and marked the beginning of a major correction that continues to this day. During each of the last three FOMC meetings the Fed has raised rates.

These actions have led to a strong price demise in gold from $2077 on March 9 to yesterday’s low of $1678. In just under five months gold has lost just under $400 per ounce or a loss of -19.21%. The low achieved yesterday at $1678 is the lowest value this year and the last instance of gold trading at this level was on August 9, 2021, the day of the infamous “flash crash”.

The rectangle labeled “A” identifies support at this level from approximately April through June 2020. The rectangle labeled “B” identifies support during March 2021. The rectangle labeled “C” identifies the low and support level of the flash crash on August 9, 2021, and finally the rectangle labeled “D" represents yesterday’s low.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold bounces off $1678; the low of the August 2021 “Flash Crash”Exclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Gold and silver move lower ahead of the European open(Kitco News) - Gold (-0.33%) and silver (-0.40%) are once again trading lower ahead of the European open. In the rest of the commodities complex, copper (-0.51%) and spot WTI (-0.71%) are both trading in the red as commodities sentiment suffers.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Take away the support from dollar weakness and gold would have moved much lowerExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »