Well, those price levels appear to be giving way to the downside. And this could be warning of lower prices to come. In the updated 6-pack of charts below, you can see blue trend lines for various charts of Gold, the Gold Miners (GDX), and Steel (SLX). In each of the charts you can also see where price is declining through the trend line (red shaded areas). The most watched and notable is the Gold decline.
Each of these breakdowns are still in the early stages and will need to see a follow through day to the downside (with strong volume) as confirmation.
Put these on your radar. Caution advised here.
6-Pack of Charts – Gold, Gold Miners, Steel, & more
Thanks for reading.
The SPDR Gold Trust ETF (GLD) was trading at $119.08 per share on Thursday morning, down $0.99 (-0.82%). Year-to-date, GLD has gained 8.64%, versus a 18.95% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.