Gold Price Declines Just A Downside Correction In Longer-Term Uptrend
(Kitco News) - The yellow metal has backed well down from its 2017 high of $1,358.50, basis nearby Comex futures, scored a few weeks ago. However, the weekly Comex gold futures chart shows a longer-term price uptrend line is still firmly in place. From an important longer-term technical perspective, the recent declines in gold prices are so far just nothing more than a normal downside price correction amid a longer-term uptrend. It will take a price move in nearby gold futures below longer-term chart support at $1,250.00 to negate the longer-term price uptrend line on the weekly chart, and to then produce serious longer-term chart damage.