Gold Returns To Long-Term Bearish Trend
Admirals | Aug 06, 2013 08:05AM ET
For the last few days, Gold has been showing us why traders should not buy it in the first place. 1340 USD/oz proved to be too strong of a resistance for buyers, and stopped the upswing that lasted for almost a month. The upswing was started technically by the iH&S formation. The minimum target for this formation was slightly above the 1340 USD/oz. Currently, Gold is falling. For the last two weeks, price was forming a wedge, but this formation was broken with the downswing. Tuesday starts with breaking the 1300 level, and price is aiming to another support at 1267 USD/oz. Breaking this line can give sellers momentum to go even lower and definitely come back to the long-term bearish trend. So far, we cannot see any bullish signs on the chart, so scenario stays negative.
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