Gold In A Longer Term Bear Trend
Jason Sen | Jun 02, 2017 03:54AM ET
Gold we warned all week: mega important 4.5 year trend line resistance at 1275/79 FOR A SELLING OPPORTUNITY!!! We are in a longer term bear trend and holding here will see that trend resume. Try shorts if we manage bounce to 1275/79 today, with wide stops above the April high at 1295. We need at least a weekly close above here tonight for bulls to build confidence and begin to believe we can start a new longer term bull trend. (I doubt it, it is a very big challenge at this stage).
So it is obviously entirely possible that Wednesday marks a high for Gold and the longer term bear trend resumes from here. We are below minor support at 1265/64 as I write and but we bottomed exactly at important 10 month trend line support at 1261/60 which as I warned was the best chance of a low for the day. A break below 1258 today however keeps the pressure on for 1255/54 and perhaps as far as quite minor support at 1251/50. If we continue lower look for slightly better support at 1245/44. A short term bounce from here is certainly possible, perhaps as far as 1254/55.
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