Gold has edged below minor support and the precious metals stocks are in danger of breaking down again if gold breaks this support level. Here are the particulars of what to look for.
Gold is attacking minor support this morning. The outlook hinges on whether it holds or not. Here’s what to look for.
Gold took one to the chin on Tuesday, falling to minor support after failing to clear resistance.
I am traveling this morning and will be unable to post a Precious Metals Update. The market update will be posted this evening. A precious metals update will be posted early on Wednesday.
Gold has paused at resistance as one cycle projection has been met but two others point higher with the clock ticking.
Indicators are favorable for a breakout, but gold faces two key resistance levels.
Gold has cleared channel resistance at 1208 and is now attacking resistance at 1220-25 that forms the top of what could be a base for a big move back to 1300.
Gold broke through a 5 month downtrend line just as I was posting this report. IT needs to hold above that to allow for a run at the 4 month cycle projection.
Gold broke a key downtrend line this morning. That’s one down, two to go.
Gold is locked in to a tight trading range.