Gold price collapsed thru the sideways triangle yesterday. The support from late November did not hold and a close sub 1680 hints that a move to test the 1620 support is in order. RSI is about to print a lower low which is very bearish. Watch to see if the 20 MA moves below the 50 MA which is bearish. A back kiss to the lower rail at 1700-ish is probable since the broken triangle pattern is such an important development. The 200-day MA is sloping upwards which is a feather in the bulls cap. Note how the 200-day MA is moving up to meet the horizontal support at 1620 giving this confluence area some street cred as a target. Projection is a move towards 1620. This information is for educational and entertainment purposes only. Do not invest basedon anything you read or view here. Consult your financial advisor before making any investment decision.
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