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Support Levels Fail to Contain Gold's Decline

Gold closed the day at 1208.1, down 7.5 points. As I called out in last night's post, there were 4 levels of support today that could have stopped Gold's decline. However, as a continued sign that the bear move is well underway, none of those levels held. To remind you, those levels were:
Gold Support Levels

Lower Bollinger Band - 1214.70
21 Week Moving Average - 1212.80
50 Day Moving Average - 1210.70
38% Fib from Election Day High - 1209.30

With the Fed meeting a week away, it looks like "Sell the rumor, Buy the news" is in full swing.

Notice that on last Wednesday and Friday there was strong buying off the lows to end both of days at the top of the daily range and that each day was followed by strong selling days that closed at the low of the day.

Now, for the last 2 days, there hasn't been any pretense from buyers that they are trying to buy up the market.

On the Volume Profile chart, it definitely looks like price is heading to the low volume node at 1190.

As I mentioned in my post this morning, my first profit target at 1209 was hit and I closed some of my current position.

Disclaimer: This post is for educational purposes only. Trade at your own risk.

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