Adam Hewison: We Are No Longer Bullish on Gold

A close below $1600 an ounce today would be the lowest close we have seen in this metal since July. A major trend line comes into gold at the $1500 level this week and we would expect that level to offer major support. The gold market continues to move lower, but is not yet in a full fledged bear market.

Gold has a Chart Analysis Score of -70, which equates to an emerging trend. With our monthly Trade Triangle so far remaining in a positive position we are longer term bullish on this metal. Intermediate term traders should be out of this market at the moment and on the sidelines waiting for the next signal with the weekly Trade Triangle.

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