Gold plunges on break of the Nov/Feb lows

Breakdown in gold

Breakdown in gold

Gold is crumbling, falling sharply for the second day and breaking the Nov/Feb double bottom at $1765.

The break has sparked a heavy wave of selling and a $38 decline to $1731, which is the lowest since late June.

There isn’t much standing in the way of a fall to $1700 or the June low of $1680.

The 100-day moving average will also fall below the 200-dma tomorrow, creating a death cross. In addition, seasonals are now negative for awhile.

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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