Gold looks similar to silver in its break down today. I usually don't trust the first break of support, but yesterday's false breakout gives it a bit more credibility in my view.
Thursday, June 23, 2011
Gold Update
The same issues mentioned in the last silver post re: Dodd/Frank also apply to gold.
Gold looks similar to silver in its break down today. I usually don't trust the first break of support, but yesterday's false breakout gives it a bit more credibility in my view.
The daily chart/Triangle and the false breakout yesterday, leading to a break of support today
Here's the 15 min 3C chart. Clearly yesterday's move above resistance was a false/failed breakout, as such we typically see fast moves in the opposite direction as we have today. If you trade this short, I'd still be cautious as I don't usually trust the first break, but there could be at least a decent swing move and perhaps even more. 3C is currently in line with price action.
Gold looks similar to silver in its break down today. I usually don't trust the first break of support, but yesterday's false breakout gives it a bit more credibility in my view.
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