Loading ...Gold looking dangerous
Not saying we can’t bounce but I have to call it as it is… and it’s ugly. Gold lost one channel support. We could get a bounce on the second channel but only to make the little 2nd shoulder to match the one on the left. And if you don’t believe me, just look at GDX. If we don’t bounce very soon, this trend line will become serious resistance. GDX is looking down a cliff
It’s interesting – if gold drops to long term uptrend support somewhere near $1160-$1180 we could see the miners back to their 2015 lows !
1160 is where I am thinking. Probably will hold dust or jdst until we get there. Nothing is confirmed yet but it’s a scary looking chart.