Sometimes it’s the quiet days that tell you more than the big moves.
Gold fell $30 on Wednesday to the lowest in four months. Now, the headlines have gone quiet and so has the market. The range on Thursday-Friday was just $13 from $1237-1250.
Technically, that’s a reason to be concerned. The failure to rebound above $1251 (the Oct low) or stage any significant bounce is a sign that sellers easily have the upper hand. In addition, the latest fall comes on a nearly one-way 8% fall since the start of the month.
Gold daily
The best thing you can say about gold is that it hasn’t fallen further. Then again, it may only be a matter of time.
