{"id":16712,"date":"2018-07-21T01:07:27","date_gmt":"2018-07-21T01:07:27","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=16712"},"modified":"2018-07-21T01:07:27","modified_gmt":"2018-07-21T01:07:27","slug":"gold-breaches-primary-support","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/21\/gold-breaches-primary-support\/","title":{"rendered":"Gold breaches primary support"},"content":{"rendered":"<p>The Dollar price of gold breached support at $1240\/ounce, signaling a primary down-trend. A long tail indicates active buyers and we can expect retracement to test the new resistance level at $1250.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-07-20-gold.png?w=525&#038;ssl=1\" alt=\"Spot Gold in USD\" \/><\/p>\n<p>The Dollar Index continues to test strong resistance at 95.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-07-20-dxy.png?w=525&#038;ssl=1\" alt=\"Dollar Index\" \/><\/p>\n<p>But Chinese selling to support the Yuan has not materialized in sufficient magnitude to reverse Dollar strength. Dollar Index breakout above 95 is likely to spur selling of gold.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-07-20-cny.png?w=525&#038;ssl=1\" alt=\"CNY\/USD\" \/><\/p>\n<p>The Australian Dollar has not weakened sufficiently to protect local gold miners, with the price of Gold in Australian Dollars falling sharply.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-07-20-gold-aud.png?w=525&#038;ssl=1\" alt=\"Gold Price in AUD\" \/><\/p>\n<p>The All Ordinaries Gold Index (XGD) broke support at 4950. Expect a test of 4600.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-07-20-xgd.png?w=525&#038;ssl=1\" alt=\"All Ordinaries Gold Index\" \/><\/p>\n<p>Downside risk to Australian gold stocks is rising.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Dollar price of gold breached support at $1240\/ounce, signaling a primary down-trend. A long tail indicates active buyers and we can expect retracement to test the new resistance level at $1250. The Dollar Index continues to test strong resistance at 95. But Chinese selling to support the Yuan has not materialized in sufficient magnitude &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/21\/gold-breaches-primary-support\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold breaches primary support&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39,40,42,9,57,34,35],"tags":[166,292,1073,3204,3731],"class_list":["post-16712","post","type-post","status-publish","format-standard","hentry","category-aussie-dollar","category-australia-nz-countries-regions","category-chinese-yuan","category-gold-precious-metals","category-stock-markets","category-us-canada-countries-regions","category-us-dollar-index","tag-all-ordinaries-gold-index","tag-australian-dollar","tag-dollar-index","tag-spot-gold","tag-yuan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold breaches primary support - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold breaches primary support - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Dollar price of gold breached support at $1240\/ounce, signaling a primary down-trend. A long tail indicates active buyers and we can expect retracement to test the new resistance level at $1250. The Dollar Index continues to test strong resistance at 95. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\\\/\\\/facebook.com\\\/people\\\/The-Patient-Investor\\\/61572934660810\\\/\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\",\"https:\\\/\\\/au.linkedin.com\\\/in\\\/colintwiggs\"],\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/investor\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gold breaches primary support - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Gold breaches primary support - the patient investor","og_description":"The Dollar price of gold breached support at $1240\/ounce, signaling a primary down-trend. A long tail indicates active buyers and we can expect retracement to test the new resistance level at $1250. The Dollar Index continues to test strong resistance at 95. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4ly","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":16380,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/06\/28\/aussie-gold-breakout\/","url_meta":{"origin":16712,"position":0},"title":"Aussie Gold breakout","author":"Colin Twiggs","date":"June 28, 2018","format":false,"excerpt":"The All Ordinaries Gold Index broke through resistance at 5250, signaling a primary advance with a target of 6000. I remain cautious while the Dollar-price of Gold is falling; respect of Gold support at $1250\/ounce would strengthen the bull signal. The Aussie Dollar continues to fall, boosting local gold stocks.\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16761,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/27\/falling-yuan-strengthens-the-dollar-but-weakens-gold\/","url_meta":{"origin":16712,"position":1},"title":"Falling Yuan strengthens the Dollar but weakens Gold","author":"Colin Twiggs","date":"July 27, 2018","format":false,"excerpt":"China failed to intervene in the past few weeks,\u00a0allowing the Yuan to fall to offset the impact of tariffs instead of selling foreign reserves to support the currency. Their actions risk further retaliation by the Trump administration and could spark a full-blown trade war. A weakening Yuan is likely to\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16697,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/19\/gold-breaks-support-5\/","url_meta":{"origin":16712,"position":2},"title":"Gold breaks support","author":"Colin Twiggs","date":"July 19, 2018","format":false,"excerpt":"The Dollar price of gold has broken support at $1240\/ounce, signaling a primary down-trend. The Dollar Index continues to test resistance, consolidating in a narrow band below 95, a bullish sign. Chinese selling of the Dollar, to support the Yuan, has not materialized in sufficient magnitude to reverse Dollar strength.\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17806,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/01\/29\/gold-and-the-dollar-direction\/","url_meta":{"origin":16712,"position":3},"title":"Gold and the Dollar direction","author":"Colin Twiggs","date":"January 29, 2019","format":false,"excerpt":"Crude Oil (WTI Light Crude) respected support at $45\/barrel, with turmoil in Venezuela raising concerns over supply. Breakout above $55 would signal another rally but declining peaks on the Trend Index warn of selling pressure. Expect another test of $45. Breach of support would signal a decline to test the\u2026","rel":"","context":"In &quot;Chinese Yuan&quot;","block_context":{"text":"Chinese Yuan","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/chinese-yuan\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16654,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/14\/gold-tests-support\/","url_meta":{"origin":16712,"position":4},"title":"Gold tests support","author":"Colin Twiggs","date":"July 14, 2018","format":false,"excerpt":"China continues to support the Yuan and we can expect consolidation around 15 US cents. Threat of trade tariffs is weakening the Yuan, forcing the PBOC to sell off foreign reserves to prevent a downward spiral as investors flee and borrowers hedge against the stronger Dollar. PBOC sale of foreign\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17197,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/10\/20\/gold-bear-rally-boosts-aussie-miners\/","url_meta":{"origin":16712,"position":5},"title":"Gold bear rally boosts Aussie miners","author":"Colin Twiggs","date":"October 20, 2018","format":false,"excerpt":"China's Yuan broke support at 14.50, warning of another decline. A weaker Yuan is likely to lead to Dollar strength. The Dollar Index respected support at 94 and follow-through above 96 would confirm another advance. A strengthening Dollar would weaken demand for Gold. Gold broke resistance at $1210\/ounce, commencing a\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=16712"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16712\/revisions"}],"predecessor-version":[{"id":16713,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16712\/revisions\/16713"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=16712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=16712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=16712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}