GOLD Daily Chart Death Cross Sideways Channels

The Death Cross occurs for gold last Friday. The 50-day MA crossed under the 200-day MA. As mentioned often here, take the Golden Crosses and Death Crosses with a large grain of salt, they are only a bush-league technical indicator. Note the death cross in 2012 where price actually placed a bottom afterwards, and also the golden cross in September 2012 which identified the gold top, both are opposite of what these much-touted indicators proclaim.  The purple descending triangle targets 1500.  The move down experienced a bounce back up to the lower trend line at 1580. The stochastics and histogram favor a further recovery bounce, however, the other indicators are weak and bleak wanting lower numbers. Gold will probably base in the 1480-1550 zone and then establish a sideways move forward. The flat 200-day MA at 1664 may provide a ceiling for a sideways channel. Projection is for gold to move through 1480-1660 for the foreseeable future. Gold is printing 1588 right now.  This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.