GCQ09 – Comex August Gold (Last:908.50)

The daily chart shows that GCU9 is working in a downward sloping channel. I am not a big fan of channels, but it does give a pretty good visual insight as to what we are looking at. With all of this downside price action there has been no major drop in the price of gold. There is still downside pressure being applied to the daily chart, but it is in an over extended area of the chart. Price found temporary support at the midpoint of the move at _____ and is now trying to reach D at ____. The 60in chart shows that price ws stopped at the target price, D, for the move down and has bounced off of that level. For price to start higher it would have to go through ____ and then the the first price objective would be ____. For price to restart the move down it would have to go through 903 and then the first price objective for that move would be____. ...

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