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Almost two years ago the Power of the Pattern shared that Gold looked to be forming a Bearish Eiffel Tower pattern (see Gold Eiffel here) and that the Swiss Franc was suggesting Gold will be flat to down for years to come (see Franc here).
The chart below reflects that the Eiffel Tower pattern is still putting downside pressure on Gold, as it freshly breaks below an 8-year support line.
Could one of the support lines drawn above become the next important support for Gold? Which is more important, price or sentiment? I hear people are shorting Gold right now, does that matter? Could one of these support lines match up with a Fibonacci support price?
I will be addressing these questions today in our weekly metals research report. If answers or strategies along this line could be of benefit to you, I would be honored to have you as a member.
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