Break for gold below 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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