We commented in our update to subscribers on Friday that if we didn’t break through the 1780-1800 resistance area after the US jobs numer, there was a strong probability that we would see a deeper decline in gold.
This morning, gold has sold off below 1780 and has broken below the rising trendline that we have been watching for signs of a top, indicating that the probablility of a decline from here is rising.
Gold bulls need to lift the market back above 1780 quickly – the market has bounced three times off 1768 this morning wihch is acting as support. This area must hold to avoid a larger sell off developing.
Today’s video looks at our open trade and the maket action of the last few days in more detail.