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

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.

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.