The monthly chart for gold gives gold traders and investors some much needed cheer as the precious metal now has some solid support at $1257 where the volume point of control currently sits, and from where the metal has progressed on solid volume. To the upside $1357 is the target and first significant resistance on this time frame, and any break through here would take the metal to $1374. But what is encouraging from this price action is that any break of this second resistance would take gold into a low volume node on this chart, and gives the metal the potential to accelerate higher and back to the key $1500 per ounce region.
Much, of course, will also depend on the USD, and whether the currency can reverse the current bearish sentiment.
By Anna Coulling
Anna its about time that gold went up.
One of the most intelligent trading analyst of all time. Anna i salute you. I am still reading your book on volume price analysis and that book resonates with me. I am a mechanical technician by profession, and i am a part time trader. I am a self-taught trader who started a journey of learning the markets 2 years ago. This was after i had bought a trading system for $2000 which turned out to be useless because i did not know market structure. So the system generated signals and 75% of the time it was late wen smart money was taking profits. So due to my inquisitive nature, i sacrificed $10 000 teaching myself the art of trading. I am almost there and the last 6 months have been slow profits in the right direction. VPA was my missing link and some traders always brushed me aside when i mentioned volume in forex. I am so lucky that i have found this complementary Resource when i am taking my trading to the next level. Thank you so much. I am sure i will attend your next webinar.
Hi and many thanks for getting in touch, and I look forward to your joining me in my next webinar which I hope you enjoy – all best wishes Anna