All the glitters is not gold?

Gold appears to have lost its shine to Bitcoin, Dogecoin, Gamestop and AMC. Currently trading at 1789, Gold has returned -14% from last years high of 2089. All is not lost though. Gold traded around 1700 from Feb 2020 to June 2020. Initially with a negative bias and a support at 1600 and then with a positive bias and a resistance at 1750 (See Chart 1). There is likely to be strong buying interest as prices move closer to 1700.

Volumes also showed more interest as prices moved up towards 2050 and have reduced as prices moved lower (Chart 2). The more time Gold spends above 1700, the greater the possibility that prices can rally back above the weekly 50 moving average at 1830 - which will be a positive sign for Gold Bulls.