Gold prices consolidated slightly after finding support around 1220. But after a brief consolidation during the previous 6/26 session, it fell against as the 6/27 session was winding down. The breakout swing has pretty much achieved the width of the range of the brief consolidation and cracked the 1200 handle. We might expected some brief consolidation or pullback from this psychological level, but against such a sharp trend, we might limit that expectation to around 1220 where there was support before.
If XAU/USD continues to fall, the next key support pivot will be in the 1156-1166 area which contains the May-July 2012 lows. A pullback above 1238 will be needed to show some significant support in place and suggest a consolidation mode outside of the 1 or 2 session time-frame.
Consolidation: Silver and gold has been under the control USD-strength, which has been fueled by tapering expectation. Today, gold lead the decline with a break from a brief consolidation. Silver however remains in its consolidation of the same scale and time-frame.
Breakout target: If silver follows and falls below 18.40, we can get another 0.60-0.65 lower, let's say with a target to 17.85. This is close to the next support pivot, or XAG/USD's July 2010 low around 17.30.
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Gold Breaks Lower To 1200, Will Silver Follow With Breakdown?
Published 06/28/2013, 07:13 AM
Updated 05/14/2017, 06:45 AM
Gold Breaks Lower To 1200, Will Silver Follow With Breakdown?
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