Gold just broke down again!
Yesterday was Black Friday, and gold turned down a little more significantly, dropping from 1810 to 1775 within 15 mins. This break down was previously anticipated, following a short consolidation just after a significant move to 1800.
Technicals support further breakdown, with MACD and Relative Price Strength accelerating. Projections put Gold at 1750 early a December.
This downdraft was not concomitant with a rise in the USD, which currently does not look likely yet. So noting this, if there is a sudden USD rally, there could be enough fuel to propel gold prices to 1640.
Do recall that 1600-1640 was much earlier targeted as the bottom of the handle in the long term multi year Cup&Handle formation. So we may just get there regardless...
Technicals support further breakdown, with MACD and Relative Price Strength accelerating. Projections put Gold at 1750 early a December.
This downdraft was not concomitant with a rise in the USD, which currently does not look likely yet. So noting this, if there is a sudden USD rally, there could be enough fuel to propel gold prices to 1640.
Do recall that 1600-1640 was much earlier targeted as the bottom of the handle in the long term multi year Cup&Handle formation. So we may just get there regardless...
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