It has been awhile since I posted on gold, as I have been simply sitting back and watching this slow train wreck unfolding.
On this chart I put a simple 18 day moving average. Note how gold slipped far away to the downside and then methodically stair stepped its way back up almost hitting the 18 day moving average. Then the price of gold began moving away to the downside.
On this chart I added the bollinger bands. Note how the price of gold ran the bollinger band to the downside and then made its move towards the 18 day moving average.
How low will the price of gold go???? Is the lower bollinger band now in play?????
My opinion, for what it is worth (and usually that is not very much), is that the lower bollinger band is now in play.
It should be an interesting week to watch in the gold market. I believe that the miners should put in a significant low within the next six trading days.
Peace out and stack on.
