Gold Decline Starting to Accelerate
Prepared by Jamie Saettele, CMT
This week’s gold decline demands respect as the bounce from the September low may now be complete. Typically, this type of bounce acts as a midpoint for the larger decline. Interestingly, weakness from 1694.80 would equal the 1920.45-1532.07 decline at 1301.08, which intersects with channel support at the beginning of November. Of note is the 2011 low at 1308.37.
Trend Strength (M,W,D) – 1, 0, 0
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