@V*
I think that horizontal line is more than interesting, it's the only one that counts (IMO), at this point. Quite independently, I have what appears to be an identical line...have a look (
purple) .
I put great faith in Support / Resistance, however they're identified by the analyst.
Separately, but related, the five (5) successfully falling peaks since early July, clearly visible to the untrained eye (trend line or no trend line, tho I've drawn one) indicate a loss of bullish momentum (repeating myself here, but no one seems to be listening....@AverageJoe has made the same observation).
And while not a fan of trend lines, many here do accord them considerable weight and significance.
Joe drew one recently today, and so I've also (temporarily) added it to the Chart for those who are interested...and it's literally a textbook perfect one, with maybe five (5) touches.
I think this is the confluence of factors, the painting of a more complete picture, the weight of the evidence so to speak, that Joe recently discussed when indicating the greater likelihood of a potentially bearish direction for gold price. There are also other technical factors, but this is enough for now.
For the record, I think most here know I am very heavily weighted in ASX listed gold stocks.
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