Elevated Gold Prices Face Bigger Selloff If Support Fails!

There’s so much uncertainty today that I think the markets are uncertain about being uncertain.

I know Gold is sure trading like it.

With so much uncertainty in the world today, it’s not surprising that Gold prices remain elevated. But each time it looks like a breakout is imminent, the price of Gold slides back a bit.

Today’s “daily” chart of Gold highlights this tug-o-war. As you can see, the price of gold is in a wide trading range (blue shaded area). But it is trading near the top of that range.

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That said, price has slid back a bit of late to an area that has been prior resistance (now support). This support has dual strength as price is also approaching its up-trend line at (1).

This support test looks to be important for Gold, as it try’s to remain within reach of a breakout. If support fails, it could face a bigger decline. Stay tuned!

Gold “daily” Price Chart

gold price analysis important technical support may june image

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.