Gold Downtrend

Gold slipped below $1309 last night, down to $1306. This isn’t much but in the charts it is a big deal because it confirms a change of trend. $1309 was the last swing low, so even though gold finished off its lows at $1317ish to a chartist the evidence is now on the table that gold is heading down.

On top of this the miners plunged yesterday and the US gold miners index is down over 7% for the week.

If you are in cash, stay there!

Kevin

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