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 indi…

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