Gold breaking down

Evening all,

Gold finally broke the $1,600 level – and a convincing one even. Price went down to as low as $1,550 but it retraced back up to the $1,590 region. $1,600 was very strong support for me. So, my short-term view on gold is for more sell rallies. $1,550 becomes the next support level for short-term set-ups. Gold’s previous low at $1,550 last December making a case for the $1,550 support level. I have drawn a large downward parallel channel – though not a very good-looking one. Basically, Gold’s in a clear downtrend for quite a while already. Even though I am an long-term bull, the chart is not looking bullish in a any way at the moment. Carrying forward from my last post on Gold, continue to watch as Gold is trading below the 200-day MA.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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