Gold sold off steadily all morning yesterday after breaking support at 1419, dropping to key support at 1404 in early afternoon trading.
The price sliced through this critical support area with ease, triggering a wave of sell stops that saw the price drop to 1388 before finding some support.
However, this morning gold has fallen further, tumbling through the next level of support at 1386 as the bears go in for the kill.
Although gold has entered oversold territory, there are as of yet no signs of a bottom with the price trading at 1375 - the bulls are being taken to the cleaners after being sucked in by the recovery rally from the 1322 lows.
We have consistently maintained that this rally was merely a "dead cat bounce" with further declines to come and our subscribers are positioned accordingly.
The next support comes in at 1365, below that gold will be challenging the 1337 and 1322 support levels.
Today's video for subscribers looks at the recent trading action and our strategy for our current trade.
The price sliced through this critical support area with ease, triggering a wave of sell stops that saw the price drop to 1388 before finding some support.
However, this morning gold has fallen further, tumbling through the next level of support at 1386 as the bears go in for the kill.
Although gold has entered oversold territory, there are as of yet no signs of a bottom with the price trading at 1375 - the bulls are being taken to the cleaners after being sucked in by the recovery rally from the 1322 lows.
We have consistently maintained that this rally was merely a "dead cat bounce" with further declines to come and our subscribers are positioned accordingly.
The next support comes in at 1365, below that gold will be challenging the 1337 and 1322 support levels.
Today's video for subscribers looks at the recent trading action and our strategy for our current trade.