GOLD Records Large Bearish Reversal at Triple Resistance
To follow up on my interview with Chris Kimble last Friday (click here to listen to that interview and check out those charts) gold reversed hard right at a multitude of resistance levels. On the bright side this reversal happened at the very beginning of the month which gives the monthly chart time to recover by month end. This correction took longer than we thought to occur but now we have to closely watch where the bottom will be.
Here’s the updated Gold chart provided by Chris.
Be sure to click here to visit Chris’s site – Kimble Charting Solutions.
Precious metals have been a hot topic for investors and the financial markets. Gold, in particular, has caught the eye of market participants.
After a 6 month rally into February, Gold futures reversed hard to the downside. This reversal came as gold prices tested triple resistance (1) at the same time that momentum was overheating (2).
The move lower created an ugly bearish reversal candlestick on the “weekly” chart. That reversal also saw Gold break its steep up-trend support line.
Rough start to the new month for Gold bulls.
Careful here. Volatility is ticking higher. No need to be a hero – gold bulls will now look for a higher low to form in weeks ahead.