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Spot Gold fell to around 1270 on Monday and extended the decline that began in early July. Before looking at the medium-term picture, let’s review the weekly chart for a long-term perspective. The first chart shows gold peaking around 1900 in September 2011 and quickly falling to the 1550 area. The metal then embarked on a long consolidation and broke support with a sharp decline in April 2013. Gold then moved into another consolidation that looks like a descending triangle, which is a bearish continuation pattern.
This post was published at GoldSilverWorlds on September 2, 2014.
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