Technical chart updates.
This will not fly, but this did cause the market to correct. Gold challenging the 18 week moving averages, $1,787 area.
Gold's support near $1,750 area.
Gold needs to hold $1,763.50 to keep uptrend. Lots of congestion, resistance around $1,800.
Gold is a currency. It is the ultimate currency… and as this 50 year chart shows, gold’s superiority over fiat is indisputable.
Our wave *ii* correction is complete at the 30.64 low for GDX, and we are starting to rally sharply higher in the initial stages of wave *iii*.
The $1,800 level now looms as a critical technical juncture.
Gold's first attempt failed to break above resistances, the upper Bollinger band and 18 d.m.a. The US Dollar Index near major support.
China has allowed international and domestic banks to import larger amounts of bullion, reports Reuters, saying 150 tonnes will be shipped next month.
Ever since the market crash in February and March of 2020, so many investors, authors and analysts have been on high alert for the next shoe to drop.
