Gold is sitting just below some pretty significant resistance.
Odds favour another move down unless Gold can clear $1667.3 (in Green).
A close above $1667.5 would eliminate the impulsive count which will otherwise take the market to the low $1400s.
Resistance is seen from:
- 200 day moving average (in Blue)
- Top of the Downtrend channel (in Red)
- Previous high at $1645.5 (also in Red)
- Downtrend on the RSI indicator (below price chart)
- Pink trend-line for the 3 year uptrend that began in late 2008 (recently broken - retest & fail?)
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