The gold price has fallen into the support zone around 1550 and found some inital support there. It is too early to tell whether the selling has abated or whether a much cited test of 1522 is on the cards. The final Fib support level was at 1586 and there is little in the way of support below 1550.
Many of the traditional indicators are massively oversold, however they can stay that way for a protracted length of time in a strong downtrend. We look for our usual signs that a bottom is in before committing to go long.
Many of the traditional indicators are massively oversold, however they can stay that way for a protracted length of time in a strong downtrend. We look for our usual signs that a bottom is in before committing to go long.
