Spot Gold showing signs of weakness and is in a prime position to be pushed lower

Potential Sell Alert


Spot Gold

Commodity : Spot Gold

Current Price : 1259

Status : On watch for a move lower

Spot Gold looks ready to roll over to break down below the lows around 1217 off a major lower high that is forming at 1294. The price structure is not looking so good as we see price struggled to push back up to 1294 after a washout of support at 1217. We can see that it has taken a lot of effort from the buyers (stochastics extended into overbought) just to get to current levels (1259) so we are expecting sellers to take control and push price below 1217 towards 1128 and potentially 1050.