Gold breaks $1275 in fall to the lows of 2019

Technical Analysis

Author: Adam Button | gold

Gold down for fourth day

Gold down for fourth day

Gold is down $14 in the fourth consecutive day of declines. It's run stops below the March and late-January lows.

This looks like a big head-and-shoulders top to me. I outlined the paradigm in gold trading at the moment and it doesn't look great. The early-year seasonal tailwind also disappears in April and beyond.

I can envision a fall to $1220 as retail bulls get wiped out in yet-another painful episode for gold bulls.

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