Austin Pickle

Investment Strategy Analyst at Wells Fargo Investment Institute
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  • Gold has a host of drivers working in its favor, and [we] believe that gold is on its way to new highs. Gold could take a breather in the short term. Sizeable positioning and powerful market sentiment often are anchored at milestone prices. It can take time to clear out those positions and convince market participants that conditions exist for even higher prices. In the chart below, we can see examples of this process at each of the recent major price resistance levels. The chart shows the price of gold in purple and the relevant resistance levels in orange. Notice that at each major resistance level, gold has struggled for months before decisively breaking out.

    6 August 2020
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