Gold has fallen below the 9wk SMA and other higher weekly SMAs. It’s in a trend channel for the year with lots of room between it and the bottom of the channel. It’s looking like it wants to retest the lows at 1677 where it will run into the 200wk SMA. In the bigger picture it looks like a possible double top with a trend line from 08 around 1400. One might consider going short with a stop above the 9wk with the 200wk serving as the target.
Comment:
target has been hit
