Blake Morrow’s EDGE Chart of The Day – Gold
Blake Morrow’s EDGE Chart of The Day – Gold
Gold’s ‘Throw-over’ may have further downside
The long-term technical development is a “throw over” of the long-term ascending channel (red). This is a similar signal as a false upside breakout, which is a bearish development.
Today, gold is at minor support and a break of the 2950 level would target the lower channel (red) on a break lower. A more near term support level is the 50dma (orange) and a break of this may kickstart the move lower.
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