THE presumptive election of Joe Biden as US president may have provided a silver lining for equity markets as the US indexes move to new highs, but its not a positive for the gold bugs.
As the election tallies were confirmed,the gold price confirmed the retreat that started in September. What looked like a temporary pullback and consolidation became a full-blown downtrend.
There are several ways to plot the uptrend line on the weekly gold chart. You can choose the December 2019 low, or the March 2020 low as the anchor points. Either way both trendlines confirm that the uptrend in gold has ended.
Apart from the technical questions about where support is located, the downtrend break in gold confirms...
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