Gold (GC) Reclaims Key 1800 Level

Gold (GC) is digesting yesterday’s reclaiming of the psychologically key 1800 whole figure level, as part of a massive consolidation since the August 2020 record high. Significantly, for bulls to see renewed, sustainable momentum to the upside, they’ll want to see GC break above the July and August highs as a start, which would dramatically increase the odds of a swing in the few weeks after to the weekly chart downtrend resistance line connecting the November 2020 high and January 2021 highs…

Gold (GC) Consolidating Near Key 1800 Level Ahead of FOMC

Gold (GC) is firming going into today’s European morning, continuing yesterday’s early attempt to halt a slide since mid July. Significantly, GC has been consolidating for almost a month around the psychologically key 1800 whole figure level, and is nearing the completion of a triangle (on the weekly chart), with the gap between triangle support and resistance down to roughly 100 points…