June 6th, Gold broke above the long term trend line that started with the peak on 9/05/2011, and has now reversed back below this trend line. It is currently trending dowward for a full month as of June 30th.
June 30th, Gold finally broke below the short term trend line beginning with the recent low on 12/14/2016, after bouncing off it on the 18th and 26th. It is currently consolidating for 10 days at the the bottoms of a narrow $15 price range between 1240 and 1255.
A break below 1240 would be an ominous sign, and could result in a subsequent drop to the 1160-180 range by the end of July.
Watch the FOMC meeting on July 26th to trigger a final bottom on Gold for 2017.
June 30th, Gold finally broke below the short term trend line beginning with the recent low on 12/14/2016, after bouncing off it on the 18th and 26th. It is currently consolidating for 10 days at the the bottoms of a narrow $15 price range between 1240 and 1255.
A break below 1240 would be an ominous sign, and could result in a subsequent drop to the 1160-180 range by the end of July.
Watch the FOMC meeting on July 26th to trigger a final bottom on Gold for 2017.
Holding my short positions until then.