Bear Flag Breakdown
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No surprise that with the latest collapse in the price of physical gold the miners have followed suit. The daily chart on the left shows the bear flag and the subsequent drop in price.
Note how there was a nice little backtest which should have been the entry to go short. The problem now is: where next?
Note how there was a nice little backtest which should have been the entry to go short. The problem now is: where next?
We have to go back to the monthly chart and 2002 to find the next support which is not far away now at 80p. This could coincide with gold getting down to the important $1156 mark which is also a significant support and should be a good place to go long.
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