• 20 hours Australian Billionaire To Invest In $88 Million Struggling Solar Project
  • 2 days Twitter-Shaming: The Biggest Threat To Any Business
  • 2 days Canada Looks To Become A Major Source For Critical Minerals
  • 2 days Hedge Funds Are Piling Into This Key Commodity
  • 4 days Trade Deal Not Likely Before Christmas 2020
  • 4 days America's $16 Trillion Debt Bubble Is About To Burst
  • 5 days Black Friday Breaks Online Shopping Records
  • 5 days Tesla's Biggest Competitor Is Hiding In Plain Sight
  • 6 days Are Celebrities Good Or Bad For Cannabis Stocks?
  • 7 days Venezuela’s Crisis Continues As Maduro Spends $5 Billion On Oil Deals
  • 8 days Elon Musk Claims 250,000 Orders For Cybertruck
  • 9 days How To Survive Thanksgiving Politics With Cannabis Gravy
  • 10 days The Fragility Of Monetary Policy
  • 11 days 5 Oligopoly Stock Picks For Your 2020 Portfolio
  • 11 days $7 Trillion In Unfunded U.S. Pensions As Domestic Debt Hits A Record High
  • 12 days Retail Is Alive And Well, But Only For The Rich
  • 12 days New Tech Could Unchain The Solar Revolution
  • 12 days China's Boldest Move Yet To Ditch The U.S. Dollar
  • 13 days 5 Stocks That Surpassed Earnings Expectations
  • 14 days Male Stress Increases With Female Earnings
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Trading On The Mark

Trading On The Mark

Trading On The Mark

Our work is grounded in several technical methods. We make use of Elliott Wave, Gann techniques, Fibonacci relationships in price and time, cycles, and other…

Contact Author

  1. Home
  2. Markets
  3. Other

Gold Update – Still On Track For A Lower Low

In our last public article about gold, we presented the case for gold finding resistance somewhere near the $1,396 price level, before turning downward to seek slightly lower lows. Gold actually reached a bit higher than the number we picked in August, but it found resistance at the edge of another channel which we presented in the same article. That channel is shown on the weekly chart below.

GC (weekly) Chart

Our primary scenario has gold tracing a downward ending-diagonal pattern, which would call for one or two lows slightly below what we saw in June. The path with two lower lows is drawn on the weekly chart, and a count for that path is shown on the daily chart below.

GC (daily) Chart

As it often does, gold is responding to Gann support levels. A more detailed chart showing some of those can be found on our website.

 

Back to homepage

Leave a comment

Leave a comment