Precious metals have been a hot topic for investors and the financial markets. Gold, in particular, has caught the eye of market participants.
After a 6 month rally into February, Gold futures reversed hard to the downside. This reversal came as gold prices tested triple resistance (1) at the same time that momentum was overheating (2).
The move lower created an ugly bearish reversal candlestick on the “weekly” chart. That reversal also saw Gold break its steep up-trend support line.
Rough start to the new month for Gold bulls.
Careful here. Volatility is ticking higher. No need to be a hero – gold bulls will now look for a higher low to form in weeks ahead.