It’s been a torrid week for gold bulls, with prices sliding through the $1200 level, where some support could have been expected, only bottoming at $1175 in late-Asian trade last night. In early European trade, gold seems to have found some support recovering to $1190. Gold is only up 12% on the year at these levels, and the Dow has now outperformed it. Furthermore, technical analysts will not be cheered by the next chart, which shows gold’s moving averages forming a death cross.
This post was published at GoldMoney on Friday, 25 November 2016.
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