Gold Dropped Below 1280 & Appears to Be Staying There

gold bars
Written by Mike Hammer

International gold priced dropped below 1280 on April 16. We’ve been pointing at the 1285/1280 price area as important support for a long time, as history shows it is significant time and again.

This is the 1-year chart of GLD, with the red line indicating the GLD equivalent of the 1280/1285 price. You can see that support held all during 2019 up to this point, bouncing off several times. Now gold has fallen down through support and seems to be establishing a small trading range just below resistance.

So is the 1280/1285 range important again now?

We would argue…

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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