Yesterday, the gold market looked like it would be reaching above the $2000 in fairly short order, then the massive intraday reversal and close back below the $1915 breakout point may have been one of the biggest rejections we have seen in a long time.
What looked like a double bottom at one point with a target well above the $100 level now looks like a false upside breakout which could lead to a move back below the 200dma (and then some).
Earlier yesterday I told the Forex Analytix traders the problem was the spike higher was on the Russia/Ukraine escalation. Prior to that, the gold market struggled to hold up even with inflation ripping globally. If the situation deescalates in Ukraine, the risk may be for gold to retreat lower once again. And that is what we all want, right? Right?!?!
