Trend Reversal – if Gold Trades Below $1,500?
As pointed out in the last analysis, gold is going through the consolidation phase at the moment. If the long-term Bull Run is still in place, this base building in the $1,500 area will be the platform to move gold above $2,000. However, if the $1,500 support breaks, it is a signal that this major up-trend is over. A further drop in gold is no longer a technical correction but a reversal. The two major levels that I am looking at are $1,500 and $1,700; a break of either of these levels will set the next direction for the precious metal.
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