Skip to main content

Now gold is at risk of a deeper fall as tech support level gives way

Since my last update on Gold, where I noted a rather unconvincing rebound, the metal has now taken out that important support level at 2,009.53. It has now fallen closer to 2k as I write. I am looking at the daily chart on this one and it does not look too positive right now. The prospect of a deeper fall below 2k from here cannot be ignored, or ruled out, especially with those US yields are still holding gains and the simple truth is, as it was when I first reported the massive outside day reversal on Tuesday. That has completely derailed the topside and the news and data has delivered the rest of the equation, as you can see playing out right now in front of you. That said the Yen and US yields can still save the day if they reverse the moves seen so far this afternoon Gold has reached a low so far at 2,002.69. It is currently trading a little higher, right now at 2,008.50 
 

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!