Trader Dan's Market Views: Long term <b>Gold Chart</b> |
| Trader Dan's Market Views: Long term <b>Gold Chart</b> Posted: 19 Dec 2013 03:25 PM PST This monthly chart reveals possible downside targets IF critical support just below the $1180 level gives way. Notice the median line and how price is pivoting around this line as it moves lower. This month's price action is especially ominous for price has barely managed to poke its head ABOVE the line before succumbing to selling. Upon closer inspection, one can tell that the selling is picking up tempo. That is why it is imperative that support at $1180 NOT GIVE WAY. If it does, $1155 will be hit in short order, followed by a test of the $1100 - $1089 level.   |
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