Gold analysis was included this past week in our members newsletter. We were expecting the upward move towards 1600-15$ area once the high at 1587$ was overcome. We entered long at 1587$ and closed at 1601$. Prices moved downwards to 1590$ and then back up again towards 1620$. Prices stopped at the border of the downward sloping channel confirming that the trend remains bearish. Now Gold trades just above the 1568 support level and it has the potential to test 1525$. We see that it is more probable to make a new low below 1554$ than breaking below 1525$.
Another indicator confirming that the bearish trend is in control in Gold markets, is the fact that Gold miners (GDX) is trading still in a strong downtrend below all support levels. If something is going to change regarding the trend in Gold, this is the first place where we are going to get the first signal.
As always, thank you for taking the time to read my new post.