XAUUSD Resistance turns into support
Gold hit the level of 1,000/oz 4 times, dropping after each attempt. After the price of gold broke above that level on its 5th attempt, the level of 1,000/oz turned into a massive support level.
Notice how gold hit its overhead resistance at the 1,000/oz. Usually, reversals occur on the first, second or third hit.
When a market hits the same level for the 4th time, it shows that it really wants to go that way. Gold broke above 1,000/oz on its 5th attempt.
Afterwards, gold made two attempts to pull down to its old resistance level, in areas marked in the chart.
Its inability to decline to that level showed that bears were weak, marking the start of a major bull market in gold.
Notice how gold hit its overhead resistance at the 1,000/oz. Usually, reversals occur on the first, second or third hit.
When a market hits the same level for the 4th time, it shows that it really wants to go that way. Gold broke above 1,000/oz on its 5th attempt.
Afterwards, gold made two attempts to pull down to its old resistance level, in areas marked in the chart.
Its inability to decline to that level showed that bears were weak, marking the start of a major bull market in gold.