Gold plunged through an important trendline this morning. It needs to recover today to keep the trend intact. The omens aren’t positive.
Most of gold’s technical indicators continue to weaken as support is threatened.
Gold is sticking tightly to the middle of a 6 month trading range.
If it sticks, gold’s weakness this morning will result in a drop in the 13 week cycle projection.
After trying to break out for the past week, gold has dropped back to the bottom of its tight short term trading range this morning. It’s now poised to test a couple of key support levels.
As gold remains locked in a tight trading range, there are still no signs of a breakout. But it is pressing a short term trend break this morning on the heels of the disappointing initial claims data.
Gold remains stuck below a couple of lines of resistance but hasn’t pulled back much as it works on breaking through.
Gold continues to struggle to clear resistance.
In spite of a couple days of fireworks, gold remains in a trading range. Where are the signs of a breakout?
Gold has broken a downtrend but remains rangebound. What are the implications?