Gold Is Going Down

Gold looks ready to fall further in the short term, which will give us a perfect buying opportunity… [Jeff Clark's Market Minute]( Gold Is Going Down By Jeff Clark, editor, Market Minute Get ready to buy gold. Just don’t do it yet. The current setup in gold looks precarious. The shiny, yellow metal could easily lose $100 an ounce, or more, in the weeks ahead. And, when that happens, most folks are going to be too afraid to buy. As the old Wall Street saying goes, “when it’s time to buy, you won’t want to do so.” But, the longer-term picture for gold is bullish. So, if the metal falls in price in the short term, traders should be prepared to buy. Recommended Link [‘America’s Top Trader’ Who Predicted the Biggest Financial Events of The Last 30 Years, Issues New WARNING:]( [image]( Eric Fry has called every major market-event of the last 30 years… Recommending 41 stocks – EACH one hitting 1,000%+ returns… But today, Eric releases his biggest WARNING of 2024. In short… [The world’s wealthiest investors (Jeff Bezos, Mark Zuckerberg, 48 members of Congress, and more) are about to exploit a massive “transfer of wealth” at the cost of your own personal savings.]( The last time this happened… In the 2020 crash – the top 1% added $15 trillion to their net worth…  Meanwhile, the middle class has suffered ever since.… [But now – another major ‘transfer of wealth’ has just begun.]( Today you have ONE final chance to follow alongside the wealthy, in what may be the [greatest investment moment of 2024.]( [Click here.]( -- A Bearish Picture for Gold Look at this chart of gold… [(Click here to expand image)]( The price of gold peaked in mid-May near $2,440 per ounce. Since then, the chart shows a series of lower highs – which has created a “descending triangle” pattern with support near $2,300. In addition, all of the various moving averages have shifted to a bearish configuration, with the 9-day EMA below the 20-day EMA, and the 20-day EMA below the 50-day MA. This is a bearish, short-term setup. If gold loses the support at $2,300, then the pattern targets a move towards $2,170 or so – which lines up with the March highs. [Three weeks ago]( we noted the bearish setup in the gold mining stocks. The bullish percent index for the gold sector (BPGDM) had generated a double-sell signal. Since then, the Gold Bugs Index (HUI) has lost 5%. And the decline looks poised to accelerate. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. The action in gold stocks tends to lead the action in the price of the metal. So, with the bearish setup on the chart of gold, and with the poor action in the gold mining stocks, it looks to me like the price of gold is headed lower in the weeks ahead. The long-term argument for owning gold is as strong as ever. Folks who are looking to buy the shiny, yellow metal should wait a few weeks. We’ll likely have a chance to do so at lower prices. Best regards and good trading, [Signature] Jeff Clark Editor, Market Minute [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2024 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](