Golds small decline of late has prompted many to request a longer-term chart on Gold….Per popular request, here you go.
CLICK ON CHART TO ENLARGE
I started sharing on 1/4 (when Gold stood at $1,422, now at $1,332 per ounce) that the entire metals complex was facing some very big challenges! (see post here) IMHO, gold is now facing a bigger test than it was 22 days ago at (2) & (3) in the above charts. Yes gold has declined around $90 per ounce since the first of the year, yet if gold starts to break here, the next step lower could be a pretty good sized one.
The patterns in the metals complex suggested to harvest/protect several weeks ago…at this time, nothing has changed!