Gold Chart Update: How Far Can the Downtrend Go?

For the second time in six months, the gold price today broke below the green uptrend line. The 100-day line was also slightly undercut – unlike seven weeks ago. In both cases, the gold price stopped at one of the two gray support lines.

Should it continue to move downwards, the next support levels would be the round mark of 4,500 US dollars, the 200-day line, and the lower gray line (derived from the double top in October). In early April, the latter two will converge and could then represent a more massive double support.

Both indicators shown are currently at their lowest point in the last six months. In the vicinity of these lows, the beginnings of an upward trend reversal have recently formed. The Stochastic Indicator is also close to a buy signal: this would be reached if the blue line crosses the red line upwards. The underlying trend remains clearly upward, as both averages continue to rise steadily and the 100-day line is also clearly above the 200-day line.

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