But again, it is important to look at the background in the run up to January this year. Gold climbed by a staggering 27% in 2024 and that is despite a slight dent seen in November and December trading. It took more than a year for price to dip below the 100-day moving average and even then, we're seeing above that the break didn't have legs to it.
If there is a meaningful break under $2,600, that could really trigger a very sudden squeeze in gold. If that happens, a quick plunge to test the 200-day moving average (blue line) near $2,500 should not be ruled out.
For now though, we'll have to see what the data holds.
This article was written by Justin Low at www.forexlive.com. Read More Details
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