Gold 3-year weekly chart

Break for gold below support of 1200
Gold chart showing the break below major support of 1200

Gold 3-Year Weekly Chart

The technical negatives for gold:

  • Major,intermediate and near-term downtrends
  • Trading below the 200-day and 50-day moving averages
  • Break below major support of 1200

Why? I usually leave this to the talking heads.

  • Rise in the US$
  • Rise in interest rates as per the 10-Year US Treasury
  • The Fed will raise interest rates sooner then later
  • No perceived need for a safe haven play at the present time

Reference the last chart analysis for gold.

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