What I do know is gold in a downtrend, the next stopping spot could be the $2013.5 area, which is the 200-day average and the Bollinger Band is waiting for it right there at $2015.5 – so that's your support zone.
If you look at the balance sheets of many of the largest banks, you will see we have a ticking time bomb. We only saw the tip of the iceberg with the recent banking failures.
Gold is set for its first weekly drop in a month, largely fueled by resilient labor market numbers reported this week which have quelled investors’ expectations of a rate cut as soon as March.
A prolonged break under $1,975 for gold could signal more downside to come. The large patterns formed over the past few years still suggest to us that the next major trend is to the upside.
