Big Picture Technical Analysis Of Gold

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Gold has made a bearish reversal that would be confirmed with a weekly close below $1980. Then, look for support at $1900 and $1880. There is very strong support from long-term moving averages that should come into play in the mid $1800s.

The Gold to S&P 500 ratio should pullback. It needs to break resistance for Gold to break above $2100.

A host of shorter-term and long-term moving averages are coalescing in a tight price area, similar to 1996 and 2019. This suggests a big move is coming and will be to the upside should Gold rebound strongly. From the May 2019 low Gold surged 65% in 15 months.

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