Daily Gold Market Report

Gold tracks to downside, hovers just above $2000 level
Dominant triple top pattern on gold chart a positive indicator, says Invezz

(USAGOLD – 5/16/2023) – Gold is tracking to the downside this morning and hovering just above the $2000 level. It is down $12 at $2007. Silver is down 32¢ at $23.86. “The $2,000 level,” says Saxo Bank, “remains supportive as two stabs at that price over the last seven trading days saw support coming in above that psychological level, but a backup in yields [is] holding traders back from leading an assault on the all-time highs of 2,075…” Invezz sees the triple top that dominates the five-year gold chart as a positive indicator. “Triple tops are reversal patterns,” it says, “but technical traders know that they rarely hold in the long term. Even if the market retraces from the current levels, it usually only does so to ‘build energy’ to break the horizontal resistance. All in all, gold looks bullish in this context. Bulls will likely buy any dips.”

bar chart featuring triple top in gold
Chart courtesy of TradingView.com

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