Gold crushed

goldDespite being bearish on gold for so long, and sounding to many gold traders and investors like a old recording stuck in a groove, even I have been astonished by the speed of this morning’s dramatic collapse in the precious metal. No doubt there will be many reasons offered as to why this has happened – all terribly interesting – but prettty useless after the event – the question now is whether this break away from the long consolidation phase of the past two years is preparing for the next leg down to $1000 and beyond.

$1031.77 is next major support level & given the extent of today’s collapse we may also see some buyers step in at the $1110 level. However, should this fail to hold it’s down to test minor support at $1106.

 

About Anna 1011 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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