Gold Price Analysis: Key Levels To Watch

And while the rally continues in silver this week, it would seem that gold is now taking its turn to shine. During yesterday’s trading session, the price of gold broke out above its key resistance level of $1160. This has been a particularly sticky area for gold over the last several months. If the rally can be sustained, $1160 may turn into a key support level as the yellow metal gains more buyers amid the most bearish market sentiment since the dot-com boom.

The next major test for gold may come this week as it attempts to scale above its 200 day moving average for the second time since May.

It’s still too early to know if this breakout in gold is the real thing or just another fakeout. With all of the pessimism in the global economy, however, it is understandable that investors are seeking safe haven assets like precious metals. Our system will continue to monitor gold and silver prices in real-time, and I will notify our paid subscribers when the next major buy signal emerges.

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Until next time,
Jerry Robinson