Gold quickly approaching key resistance point

THE price of gold reached its all time high in September 2011, edging slightly beyond the US$1,900 psychological level. It took approximately four years for prices to gradually retrace to the 50 per cent Fibonacci retracement levels by end 2015, bottoming out at the US$1,045.27 level.

Gold subsequently staged a U-shaped recovery to where it lies today, quickly approaching the all-time high again - at which, it may potentially be an inflection point.

Despite the fact that there is no confirmation that prices will reverse currently, there are various indications to look out for that will indicate this.