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TFC Commodity Trading Forum

Re: Gold/Scary Chart/STILL/Critical Pt.! *PIC*

Gold is testing the recent low at $1562 and still within the major support 'area'. Price action since the Sept high and especially since mid Dec has been very bearish with serious technical damage done and not seen for the last 3 years (see attached posts) This $1562 price pt is the line in the sand. A breakdown here would likely see strong selling and confirm much more downside ahead. Most technical indicators are presently at points that typically see a price low and sharp reversal back up again. The Daily chart does not suggest this will occur this time. Regardless watch for a major move from this price point........."Strangles anyone" ?????