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TFC Commodity Trading Forum

Re: Gold futures have worst day in five years/Lee

Hi Lee,

I see more downside for Gold in the near term. Looking at the 3-year weekly chart I posted, now that the 10wma has been broken in a big way, I expect gravity/momentum to take Gold down to test the $1570 area at a minimum, which is where the July upside breakout occurred. It is quite possible that we may see price converge with the 3 year uptrendline (not drawn on my chart), the 40wma (200dma), and support in the mid 1500's...I would consider that a good spot for atempting to go long on a reversal. There is also a wide zone of support between $1478-1577. Guess we'll see how it all plays out in the coming weeks, but for now I see bullion printing fresh lows early next week.