Gold Price Analysis: Bears finally catch a break
Gold bears take control and break into fresh bearish territory. Further downside on the cards, but market volatility is here to stay.From an ongoing analysis, the bears have finally managed to catch the break that they were looking for and the prior analysis had forecasted originally. As illustrated, the trendline resistance held and the price eventually crumbled to the first target area.
Has Gold lost its shine?
Earlier this year, I talked about a “perfect portfolio idea,” which included buying the NASDAQ and Gold. The basic idea was based on a positive correlation between the two assets on an uptrend, with Gold staying relatively flat if the NASDAQ fell. Gold fell alongside equities today, falling around 1.67% to $1,877 an ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.