Friday, 20 February 2015

Important gold trend decision point coming very soon

I see an important decision point coming imminently in the gold market between a big breakdown in price versus the resumption of the recent January 2015 rally.

This decision point is coming in the next 3-4 trading days at a very maximum, in fact it could be reached already - the decision is being made as I write on Friday afternoon UK time.

Support is at almost exactly $1200

Considering other currencies, the gold price is just under 800 GBP and is also at 1050 Euros. 800 Sterling is a key level as well as $1200 US.

Price stepped down within the downtrend a few days ago, not a good sign for bulls. However, the support has lifted from the bottom of the recent downtrend as it met the channel floor supporting the entire rally since November 2014 (blue line on chart above).

The decision is being made right now!

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