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Could gold fall another $500?

NowPress play to follow along0:00 / 2:08
Chapters5 segments · tap to seek
ticker lesson

Breakdown

0:00Gold· ticker

Gold — down 4.1% week, pierced $4,000

  • Gold down 4.1% week
  • Pierced $4,000 level
  • 39.50 = recent June lows
  • RSI at 31 (rounded)
  • Bias for next week is down
2:02PHYS· ticker

PHYS — down 4.1% week, physical bullion fund

  • PHYS down 4.1% week
  • Physical bullion fund
  • No storage worries
2:03lesson

Gold pattern analysis

  • Little bear flag working
  • Head and shoulders pattern played out
  • 3950 level support
  • 60% chance to break 3950
2:04Gold· ticker

Gold — potential support at 3950, 3900, 3850, 3700

  • 60% chance to break 3950
  • Support at 3900/3850
  • 3700 = tiny support
  • 34-3500 = strong support
2:05lesson

Market contango and trading dynamics

  • Tiny contango in spot/future
  • Spot market trading dynamics

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