Gold is currently heading higher in a bearish flag pattern. It could continue higher to resistance between 1251-1255 before heading lower again. Support is at 1200, also the previous closing low. A break down could open up a move down to 1184, 1160, or even 1124 next.
Gold and silver traded sideways this week as we saw stock markets take some heat and undo most of the recent recovery from the October sell off. Oil has sold off and is now at levels that we haven’t seen since 2017.
May’s Brexit deal was literally laughed out of the House of Commons last week and commentators noted that they hadn’t seen such aggression towards an incumbent Prime Minister by members of his or her own party since Neville Chamberlain’s oversight of the disastrous Norwegian Campaign in 1939.
Fragile markets are "on the edge of chaos," according to one asset management firm, which has compared what it deems an overvalued stock market to cryptocurrency bubbles.
