Back on August 15, we noted that gold was nearing an important downside target. From Charts I’m Watching: Aug 15, 2018:
[Gold] has reached triple support –the .618, yellow TL off the 2011 highs, and the red TL from 2010. We’ve targeted 1173.60 since the yellow TL broke down in May and gray channel broke down in June. I strongly suspect it will bounce here.
GC dipped slightly lower, bottoming out at 1167.10 the following day, then began an arduous climb that reached our 1268.30 target last week.
As it threatens a breakout, we’ll take a fresh look at the road ahead.
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