Loading ...Gold in Sterling doesn’t look too healthy either (chart). Key level £959 broken.
Gold in Sterling doesn’t look too healthy either:
Almost looks like a fractal of the island topping formation of 2011-2013 (I am using the term island top loosely).
Price has broken below the lowest support level from the 2011-2013 topping formation which was £959. Stockcharts has the level now at £956. Kitco says the Friday London fixes were basically £953 and £955 and the spot close was £949, even worse. It is well below other support points from the 2011-2013 top that were above £980.
The 2016 gold move is starting to look like a bear market rally, even in a weak currency like the GBP.
Gold needs to bounce here, or else. Usually, when that phrase is used, it doesn’t.
It’s beginning to look like the price recently over £1000 was a great opportunity to sell gold – and cash out any holdings left over from 2011 for those with too much exposure to physical.
This is not dissimilar to Jordan’s chart of gold in a basket of currencies $GOLD:UDN, gold over the dollar index bearish fund that he has recently posted on 27 November:
https://thedailygold.com/gold-oversold-broken/
On fact they are very similar.
Gold is now £950, i.e. clearly below the line as of 29 November.
1 December gold is at £929.56 on Kitco, $30 below the line.
Game over for a while?