quantguy

Gold Smashes Lower Levels

Long
COMEX:GC1!   Gold Futures
Gold has begun the month of July with a massive selloff, giving up the 1800's entirely. We saw support at 1815, but that was quickly faded and we broke through to the value area between 1795 and 1815. However, 1795 did little to provide support and we have collapsed further to support in a cluster of levels between 1784 and 1795. It does look like we are finding support here, confirmed by a series of green triangles on the KRI . Additionally, we look quite oversold as confirmed by the Kovach OBV. Watch for a relief rally back to 1795. If gold continues to sell off, then 1777 is the next target.

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