Longer-Term Technicals for Gold Turn More Bearish; Downside Targets Revealed

Price action last week and early this week in nearby Comex gold futures has produced fresh, significant longer-term technical damage to suggest still more price pressure to come in the days and weeks (or longer) ahead. An examination of the monthly continuation chart for nearby Comex gold futures shows prices are in a nearly four-year-old downtrend from the all-time high of $1,923.70, scored in September of 2011. Prices Monday hit a 5.5-year low of $1,080.00 an ounce.

Source: Kitco