Last week’s drop in gold was just a “storm in a teacup” – Clive Maund
“Gold’s breach of nearby support last week freaked out some longs of a nervous disposition, but it did no technical damage of any significance, as we can see on our latest 3-year chart shown below on which we can observe that it is still above important supporting trendlines.”
USAGOLD note: A similar conclusion to the one we posted in our 5-18 Chart of the Day only with considerably more detail and a battalion of supporting charts. Maund draws one trend line with support at $1260 and a second with support at $1300. We split the difference on our trend line making $1280 the magic number. So far it’s held. . . . . . .