You can blame gold’s gyrations on Turkey, if you like. It sure seemed like the US dollar and the Euro benefited from the lira turmoil.
We did have a bullish phase in March, with only a few days left to go. Watch out for fake April Fool’s news, as the pranksters just love putting out fake news.
Today the media is easily manipulated, more than it ever has in history, and it’s only going to get worse.
The March rally started as a good impulse, but then it fell apart after the “A” wave peak in Subminuette degree. Gold is sitting on the bottom trend line and if the Golden Bears are in control, then this bullish support line will never hold.
If gold slices through the psychological $1300 price level with ease, then that would also help make my bearish case. $1294 might give us 50%-60% retracement support, then again a very bearish gold price will not care about any support.
Where is the death cross? I looked at the daily chart and then switched to the weekly chart and at about the $1240 price level gold would have to find support at the 200-day MA line. Even the golden crossings happened at about the same price level, so it will be very interesting when it gets closer. The 200-day MA is only $50-$60 below us and a crash this small is a walk in the park for gold.