Gold daily – after Friday’s bounce, it is back at the previously broken medium term support level
A Strong Rebound, but Resistance Not Overcome Yet
Here is a brief summary of the technical backdrop in gold and gold stocks as it evolved last week. A week ago we noted that there was a panic sell-off occurring in gold stocks, a kind of “reverse blow-off” (see: “An Anti-Bubble Blow-Off in the Gold Sector” for details). Initially kicked off by tax loss selling, the weakness in gold stocks began feeding on itself after gold broke below the medium term support level at $1,180 that had held since 2013.READ MORE
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