Is This the Next Key Support Price for Gold?

By Chris Kimble of Kimble Charting Solutions
June 26, 2013

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Almost two years ago the Power of the Pattern shared that Gold looked to be forming a Bearish Eiffel Tower pattern (see Gold Eiffel here) and that the Swiss Franc was suggesting Gold will be flat to down for years to come (see Franc here).

The chart below reflects that the Eiffel Tower pattern is still putting downside pressure on Gold, as it freshly breaks below an 8-year support line.

 

 

Could one of the support lines drawn above become the next important support for Gold? Which is more important, price or sentiment? I hear people are shorting Gold right now, does that matter? Could one of these support lines match up with a Fibonacci support price?

I will be addressing these questions today in our weekly metals research report. If answers or strategies along this line could be of benefit to you, I would be honored to have you as a member.

Monthly Membership is on $29 per month (monthly sign up here) or we offer a 20% discount for Annual membership, which is $278 per year (Annual sign up here)

We also offer a "Triple Play Program" which is buy one research report at full price and get the next two at a 50% discount. If you would like details on the Triple Play program send an email to services@kimblechartingsolutions.com requesting info or click here.

 

 

 

 

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