GOLD DAILY
By Wednesday or Thursday, gold will likely be breaking higher or starting the final plunge into its 6-month low. Our work supports a breakdown below $1850, but prices could forgo the terminal decline and break immediately higher if there is a concerning outcome.
Critical Gold Price Levels:
- Closing below $1850 would confirm the final decline into a 6-month low.
- Closing above $1940 would cancel the final decline and support an immediate bullish breakout.
Our Gold Cycle Indicator (GCI) finished last week at 127. It needs to drop below 100 to recommend a cycle low. The last time it fell below 100 was in March.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, visit here.
