Loading ...Once again nothing changed from this perspective and what we wrote previously about the above chart remains up-to-date:
(…) the outlook remains just as it was before this week began – it remains bearish.
The sell signal from the Stochastic indicator remains clearly visible and gold remains within the declining trend channel.
Although this year’s rally might seem big, gold actually didn’t even manage to move to the 38.2% Fibonacci retracement based on the 2012 – 2015 decline. Consequently, this year’s rally seems to be nothing more than just a correction within a bigger downtrend.