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Gold prices continue to Breakdown


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<p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">On January 28, 2019, our research team issued a research post indicating we believed that&nbsp;<strong><span style="text-decoration-line: underline"><span style="color: #3366ff">Precious Metals would rotate lower over the next 45+ days</span></span></strong>&nbsp;in preparation for a momentum base/breakout that would initiate sometime near the end of April or early May. Recent price weakness in Gold has begun to confirm our analysis and we believe this price weakness will continue for the next 2~4 weeks while traders identify a price bottom and hammer out a momentum base/support level.</p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">Gold is currently down another -1% this week and testing the $1307 level after rotating back to near $1320.&nbsp; Our analysis continues to suggest price weakness in the Precious Metals markets going forward for at least 2~3 more weeks.&nbsp; We are expecting the price of Gold to fall below $1290 and ultimately, potentially, test the $1260 level where we believe true support will be found.</p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">If you&#39;ve been following our analysis, you were alerted the day of when we signaled the top as it formed near $1330 and to close out our GDXJ position for a quick 10.5% profit as we had been preparing for this top and rotation for a couple weeks.</p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">This 240-minute Gold chart highlights our Adaptive Fibonacci price modeling system and suggests the $1295~1302 could become immediate support for this current downside price move.</p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px"><img class="aligncenter size-full wp-image-27013" src="https://www.thetechnicaltraders.com/wp-content/uploads/2019/02/Chart_19-02-11_GOLD_Breakdown.png" border="0" width="700" height="438" /></p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">&nbsp;</p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">Please take a minute to review some of our most recent research by visiting&nbsp;<span style="color: #3366ff"><strong><u><a href="http://www.thetechnicaltraders.com/FreeResearch/" target="_blank">www.TheTechnicalTraders.com/FreeResearch/</a></u></strong></span>&nbsp;and to learn why our team of researchers, software developers, and traders provide insight and knowledge that you just can&#39;t get anywhere else on the planet.&nbsp; The link to our research post, above, highlights our ADL predictive modeling system that is capable of identifying price moves many months in advance. Our&nbsp;<strong><span style="text-decoration-line: underline"><span style="color: #3366ff"><a href="https://www.thetechnicaltraders.com/our-may-tech-stock-market-prediction-part-ii/" target="_blank">most recent US stock market forecast</a></span></span></strong>&nbsp;highlights the power and capabilities of our proprietary price modeling tools.&nbsp; As a member of our newsletter, you gain insights, training, daily market videos and many more resources that will help you identify and execute for greater success in 2019.</p><p style="font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; font-size: 16px">Chris Vermeulen<br />Technical Traders Ltd.</p>


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About the author


Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

 

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change their trading results for the better and shares is stock and ETF trades through his Wealth Building Newsletter.


He is a regular speaker on HoweStreet, FinancialSurvivorNetwork, and the ProvenAndProbable shows. Chris also contributes market insight to several financial hubs like Barchart.com

 

Contributing author since 05/08/2018 

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