Gold’s Downtrend Continues

GLD went to new lows again this week so the Raff channel can be extended. Nothing but a downtrend here. Broken support marks first resistance in the 114.5 – 115 area. Key resistance remains in the 117 area.

The lower part of the chart shows the correlation between the gold price and the gold miners index GDX. It also shows since early February the inverse correlation between the U.S. Dollar (green dotted line) and the precious metals complex.



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