Gold Clears Out the Weak Holders on a Breakdown
Spot gold broke its Nov-Dec support line and its flat 200 EMA (81) yesterday, and followed-through to the downside in an extension and continuation of the corrective process off of the Oct 5 high at 96.30.
The optimal downside-target zone now is 30/20, with “bearish overshoot” to 00-90 to conclude the entire corrective process off of the Oct high. ETF traders want may to watch the SPDR Gold Shares (GLD).
