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Can We Expect GOLD Price Above 56000 again?

Posted: 09 Aug 2020 08:28 AM PDT

According to this chart, gold is reversing downward after making an all-time new high of 56191. Its support level is 53800. You can take this level as a hurdle too. We may see a correction up to this after the breakdown of DR.

This dynamic resistance will initiate buying pressure for a short period. We have chances to see 55600 (T1) to 56000+ (T2) levels.

Moreover, for short-term investors, I don’t recommend selling the gold until the breakout of my support. Intraday traders can enjoy price fluctuation, consolidation, and sideways movement.

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