Further to my most recent blog, I have further used the Gann Wheel of 24 ( a.k.a. the Universal Clock – Jeanne Long) to determine lines of support and resistance for Gold using a weekly nearest chart. Study this chart carefully and you will see how these bands of price act reasonably well to provide support and resistance.
Current overhead resistance according to these price bands is at $1720. Next resistance would be $1840 followed by $1960. Should Gold clear these hurdles, perhaps in response to a heated debt ceiling debate in the US, the next price band is at $2080 – $2200.