There is no chart support until the big round number, $1000, where the 2008-9 resistance becomes support on the way down. Perhaps a small pop back up this week to test today's highs but it looks as though any such move will be contained and then lower.
Monday, November 16, 2015
It Appears Gold Is Going To Test Its Multi-Year Low
$1072.30 back in August was the panic bottom:
The fact gold could not hold its gains today, despite the awful news from Paris, can't be reassuring for the Bulls:
$1082.80 last, $10.50 above the five-year low.
There is no chart support until the big round number, $1000, where the 2008-9 resistance becomes support on the way down. Perhaps a small pop back up this week to test today's highs but it looks as though any such move will be contained and then lower.
And even that is questionable as "market memory", the thing that makes technical analysis anything more than entrail-reading mumbo jumbo, declines as patterns recede into the past.
There is no chart support until the big round number, $1000, where the 2008-9 resistance becomes support on the way down. Perhaps a small pop back up this week to test today's highs but it looks as though any such move will be contained and then lower.