FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold appears to have just broken out bearishly from a roughly year-long trend channel. As the chart shows, we saw the same thing in 2016 just before a major move down in gold . The thing that I find significant at present is that a similar size of move down now could entail a break down of the long term logarithmic support line, which may in turn have considerable importance for the future direction of the gold price in the coming years. This technical picture is a 'close-up' view of another long-term gold analysis that can be found linked to this idea.

The above is not investment advice. I'm frequently wrong in my analyses.

Comments