Gold prices: up or down?

The price of gold has dropped like a stone the last time. It is very clear that we’re in right now is in a björnmarknad.

Bottoming out and the trend line was tested ( it can be seen clearly in the graph below). The price will now come down in an interesting area 1258 – 1261.

The name field is a köpområde. The area began last week with a strong push upwards.

What can we then expect? The rise may be even greater if we get a return, the latest top level of 1295 will be tested and we get a new target – resistance at 1307,40.

Broken 1258 – 1261, so we guess on a longer period of decline. The support area will be between 1240, 50 and 1244,50.

 

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