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WTF Chart of the Day: Gold Turned Right On Time For The Inevitable
Gold bulls will send me hate messages again but those who are open to trade ideas can take a look at this chart.
These down channel lines are drawn 2 years ago and they keep giving.
Notice the yellow zone on the right side marked a turn from a very strong resistance and landed at the support of the channel. Gold must clear the yellow zone (1320) to confirm a break of the down trend on daily timeframe so that it can stand a chance to reach 1420 and above.
As long as 1320 is acting as resistance, gold is forced to go lower to at least retest the previous year low that was never challenged since the start of this year.
Failing to find support at previous year low points to full expansion lower to reach the orange down channel line, where ever it will be extended to later this year.
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