Thursday, 8 May 2014

Gold daily chart shows next leg lower beginning, below 1277 would suggest BIG leg lower

Daily chart shows Gold turning lower from trend channel resistance, now trading back below the 40 day moving average. Possible trend channel support is found around 1277, which coincides with the early April low. Below that, expect further declines.

Zooming out for context and to illustrate how effective an edge moves below a declining  40 day moving average can be.