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Gold support and resistance levels including potential ones

Support and resistance levels mark region where price may reverse

Support and resistance levels are colour coded so that we can see previous ‘tests’. The more each level was tested in the past (follow the numbered bubbles), the stronger it is likely to be.

Gold support and resistance levels

Gold support and resistance levels

Of course 1270 – 1280 is the most critical support zone in my humble opinion. Market sentiment is likely to change to bearish if gold price falls below 1270 reversing the entire price gain made in the month of August. It could also be read as a sign of price starting a new down leg.


How will gold price action turn bullish?

The most bullish scenario is a price rally penetrating orange zone above 1360. It eliminates overhead resistance, sets July high as support and turns the move below trend line today into sellers’ remorse or technically speaking dead cat bounce.

Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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3 thoughts on “Gold support and resistance levels including potential ones”

  1. Daniel Ku Guet Liang says:

    Thanks for the update. I gather that the bias is still bullish at this point until 1270~80 level mentioned in the article.
    May I ask a hypothetical question pls. If you’ve a sum of money. How would you use/allocate that sum to buy physical gold base on the chart you’ve drawn.
    Just like to learn from your thought process. Thank you in advance.

    1. Soh Tiong Hum says:

      Hi Daniel, before answering I establish the premise that 1. timing is technical 2. buy the gold for holding not trading.
      Divide into 3 portions: Portion 1 queue for blue zone since this offers the best proposition presuming that a bullish setup does not change. Portion number two entry when penetrate orange. Last portion entry when penetrate black. This is the point to get at the moment of bullish expansion.
      Btw are you going to this conference?

      1. Daniel Ku Guet Liang says:

        Thanks for your sharing your thought. Wrt conference, I’ve not decided yet. My mandarin is half-past-six, I’m not sure if I can understand the speaker clearly….but if Cheryl Fox is going then I will certainly be there (ok, my comment again is totally irrelevvant.haha)

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