Elevated Gold Prices Face Bigger Selloff If Support Fails!

There’s so much uncertainty today that I think the markets are uncertain about being uncertain.

I know Gold is sure trading like it.

With so much uncertainty in the world today, it’s not surprising that Gold prices remain elevated. But each time it looks like a breakout is imminent, the price of Gold slides back a bit.

Today’s “daily” chart of Gold highlights this tug-o-war. As you can see, the price of gold is in a wide trading range (blue shaded area). But it is trading near the top of that range.

That said, price has slid back a bit of late to an area that has been prior resistance (now support). This support has dual strength as price is also approaching its up-trend line at (1).

This support test looks to be important for Gold, as it try’s to remain within reach of a breakout. If support fails, it could face a bigger decline. Stay tuned!

Gold “daily” Price Chart

Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to [email protected] for details to get set up.

Twitter:  @KimbleCharting

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

The post Elevated Gold Prices Face Bigger Selloff If Support Fails! appeared first on See It Market.

gold