Gold bulls came roaring back in August.
Then sellers showed up right on cue and pushed prices back toward a level buyers were waiting for.
Gold (GC=F) has been trading around one of technical ******* ysis's simplest ideas: the halfway-back mark. After a big move, traders often wait for the price to retrace 50%, because that's where the risk-reward can suddenly get attractive — you can enter near the level and get out quickly if it doesn't hold.
Start with gold's big downswing this year.
Gold futures (GC=F) closed at 5,508.6 on Jan. 29 (1 on the chart below), then fell to 4,048.7 by July 16 (2). The halfway-back level between those two points was 4,778.7, marked by the red dotted line near (3).
#Gold #Bulls
Then sellers showed up right on cue and pushed prices back toward a level buyers were waiting for.
Gold (GC=F) has been trading around one of technical ******* ysis's simplest ideas: the halfway-back mark. After a big move, traders often wait for the price to retrace 50%, because that's where the risk-reward can suddenly get attractive — you can enter near the level and get out quickly if it doesn't hold.
Start with gold's big downswing this year.
Gold futures (GC=F) closed at 5,508.6 on Jan. 29 (1 on the chart below), then fell to 4,048.7 by July 16 (2). The halfway-back level between those two points was 4,778.7, marked by the red dotted line near (3).
#Gold #Bulls
1 day ago
