With Chinese buyers absent this week, we warned yesterday that the risk of a sell off was significantly elevated. Our fears were realised as gold broke down through the bottom boundary of the triangle consolidation and fell hard, tumbling through support at 1660 and 165 and eventually fining support at 1644.
The breakdown of the triangle pattern is a very bearish development, and we can expect more selling before finding strong support and rallying.
The breakdown of the triangle pattern is a very bearish development, and we can expect more selling before finding strong support and rallying.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI