by Erik McCurdy, Prometheus Market Insight
Gold closed sharply lower Friday, moving down to a new low for the downtrend from October. The decline has accelerated during the last week after breaking below support at the lower boundary of the rally from May. Technical indicators are now extremely bearish overall on the daily chart, strongly favoring a continuation of the downtrend.
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The consolidation formation on the weekly chart that we have been monitoring since September remains in a crucial phase of its development and an important signal could occur as soon as tomorrow.
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Therefore, it will be important to monitor the weekly close of gold tomorrow closely. We will identify the key developments as they occur in our daily market forecasts and signal notifications available to subscribers.
Note: We will identify the key developments as they occur in our daily market forecasts and signal notifications available to subscribers. Try our service for free. If you are a current subscriber, login to read the full version of this commentary.
