≈ Bear Flag In Action≈
Traders,
The fallout in gold continues this morning with the yellow metal slicing through another support zone at $1,760. While there’s a slight chance that $1,750 saves the day, there’s no denying this morning’s ugliness so far.
If you’re surprised today’s rollover, then you weren’t paying attention to the price action preceding it. Let’s break it down.
First, on June 16th, gold cracked key support at $1,850 to complete a messy looking double top pattern.
Second, volume and momentum surged as prices tumbled to confirm sellers were gaining strength and the daily trend was officially reversing.
Third, last week’s bounce attempt was pathetic. We barely recovered any lost ground resulting in a low base pattern. If you want to be generous, call it a bear flag.
Fourth, note the lack of volume on the rebound. That signals buyers lacked conviction.
So far all signs point toward the downtrend continuing, not reversing. If you’re a bottom fisher in gold, now is not the time to cast a line. At least, not if you want technical evidence to back up your decision.
#TeamTackle
Chart of the Day
Gold has Lost its Luster
Support break with increasing volume is not what gold lovers want to see. Let’s see if a slowing momentum develops on the new downswing to provide some signs of stability for bottom fishers..
Video of the Day
Onboarding with Coach Frank
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