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Gold triangle leads to further losses
Gold continues to suffer, with the resurgence seen earlier in the week leading to yet another strong move lower upon the breakout of a symmetrical triangle. The fact we are now hitting new multiyear lows – on what seems like a daily basis – means support levels are hard to come by.
A crucial support level of note is represented at $1044, marking the 2010 low. However, ultimately the bearish outlook remains and we look for the creation of new lower highs and lows. This outlook remains unless we see a closed hourly candle above $1055, which would point towards some form of short-term recovery.