Yesterday, June 7, SPDR gold investment fund continued to sell 3.5 tons of gold
This increases the fomo effect and golden dislocation in the frame 1955 - 1965
We warned that it looked tough at the top for gold one month ago, looking at the monthly and weekly candles. Since then, we have seen a second bearish hammer form on the monthly chart (which is also an outside candle), and prices have spent the best part of the last three weeks below 2000 and probing key support. The daily chart has been flirting with a break of the November trendline, and yesterdayβs bearish engulfing candle saw a firm close beneath it. Weβre now waiting for a break of the 1931.7 low to assume its next leg lower, where bears could then seek to fade into pullbacks below resistance, with the next major support zone residing around 1900.