{"id":2043,"date":"2023-04-04T04:47:57","date_gmt":"2023-04-04T04:47:57","guid":{"rendered":"https:\/\/prendergast.net\/?p=2043"},"modified":"2023-04-04T04:47:57","modified_gmt":"2023-04-04T04:47:57","slug":"gold-futures-close-above-2000-for-the-first-time-since-march-2022","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2043","title":{"rendered":"Gold futures close above 2000 for the first time since March 2022"},"content":{"rendered":"
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Gold futures close above $2000 for the first time since March 2022<\/strong><\/span><\/h1>\n

It has been just a little over one year ago that gold futures traded and closed above $2000 per ounce. On March 8, 2022 gold futures opened above $2000 per ounce, traded to a high of $2078 and closed at approximately $2043. Even though gold futures were able to close well above $2000, that price point was unsustainable. On the following day, March 9, 2022, gold opened at approximately $2060 and strong selling pressure drove prices back below $2000 closing at $1988.<\/p>\n

Two weeks ago, gold challenged the key psychological level of $2000 per ounce on three occasions, however, gold was unable to sustain gains above $2000 on each occasion.<\/p>\n

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Today, the most active June 2023 futures contract opened at $1990, traded to a high of $2008, and as of 5:40 PM EST is fixed at $2001.70. Gold futures gained $15.50 or 0.78%.<\/p>\n

Bullish market sentiment for gold has been evident since November of last year after hitting a triple bottom at approximately $1620 (from September to November). November 3 marked the lowest value of the triple bottom and the end of a multi-month correction. The first leg of the current bull market moved gold from $1620 to approximately $1975 during the first week of February.<\/p>\n

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The chart above is a 480-minute bar chart of gold futures (June contract month). It highlights a Western technical chart pattern called a triangle. According to topstockresearch.com, Symmetric Triangles are another type of triangle chart pattern used by traders. Again, like ascending and descending triangles it takes a few weeks to a few months for this type of pattern to form.<\/p>\n

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This pattern is composed of a lower ascending trendline which acts as support, and an upper descending trendline which forms the current level of resistance. Prices in this pattern will oscillate between the upper-level resistance trendline and the lower-level support trendline. During a bullish market scenario, you look for pricing to break above resistance, this typically occurs after multiple attempts to breach either the low or the high occurs with a breakout to the upside.<\/p>\n

The question as to whether or not gold will be able to sustain its pricing above $2000 per ounce can only be answered after it has held that price point on a closing basis for a number of days.
\n <\/p>\n

By<\/p>\n

Gary Wagner<\/p>\n

Time to Buy Gold and Silver<\/a><\/u><\/span><\/span><\/span><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold futures close above $2000 for the first time since March 2022 It has been just a little over one year ago that gold futures traded and closed above $2000 per ounce. On March 8, 2022 gold futures opened above $2000 per ounce, traded to a high of $2078 and closed at approximately $2043. Even … Continue reading Gold futures close above 2000 for the first time since March 2022<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[621,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2043"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2043"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2043\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}