Articles
-
If the Gold Price Closes Below $1,792.50, it Will Drop Much Lower
The SILVER PRICE didn’t fall nearly as much as gold today, and that took the gold/silver ratio BELOW the 20 dma. Isn’t signaling any huge fall in SILVER and GOLD.
GOLD, however, confirmed and completed yesterday’s Key Reversal by closing down $55.70 at $1,814.20. Low came at $1,792.50, high at $1,874.40. Bottom line for me? Gold dipped below $1,800 and $1,810 then closed above $1,810. today landed gold smack on its 20 dma, which in the past year has limited most retracement—- generally if not utterly.
Today’s action resembleth not a market in a rout. Too many people waiting under the price to buy gold at a bargain.
Never mind my opinion, here’s a line in the sand: Gold should not close below $1,800. If it closes below $1,792.50, it will drop much lower. Above it must conquer $1,840 to turn up.
Read full article