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Gold Update – Prices Nearing a Bottom After Dipping Below $1800

By:
AG Thorson
Published: May 16, 2022, 13:34 GMT+00:00

Gold futures dipped to an intraday low of $1785.

Gold Update – Prices Nearing a Bottom After Dipping Below $1800

In this article:

Gold Update

Gold futures dipped to an intraday low of $1785. The decline that started in March has broken below the trendline and is within spitting distance of the lower line. Over the past months, $1800 has offered moderate support.

Takeaway

I like the potential for a cycle low around the $1800 level. However, prices could certainly dip further.

A screenshot of a computer

Description automatically generated with medium confidence

Key Price Levels

  • To facilitate a cycle low, I’d like to see futures close above $1850.
  • Whereas a sustained drop below $1750 could trigger a washout retest of $1675.

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 regular updates, please visit here.

About the Author

AG Thorsoncontributor

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 that will begin to unravel in 2020.

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