Guide to Precious Metals Allocation
Understanding the Gold Market Momentum
Gold prices are currently consolidating just above $3,300 per ounce, establishing a critical foundation for potential future movements. Market analysts at Elliott Wave International have identified a key resistance level at $3,375, which represents a significant psychological and technical barrier for traders and investors alike.
Technical indicators suggest gold has potential for continued upward momentum if it maintains support above $3,300. The recent consolidation phase displays characteristic sideways movement rather than decisive directional shifts, indicating accumulation rather than distribution patterns typical of trend exhaustion.
Chart patterns reveal that gold’s current trading…
