Gold and silver prices saw a large sell-off at the end of June, culminating with a large price decline on July 1. After grinding in a range for much of the past two months, goldprices have started Q3 by breaking down to a fresh four-month-low.Price is finding support at the 1785 level that I was following last quarter for breakdown themes. As I had looked at on Tuesday , there was a descending triangle showing which kept the bias on bearish potential. Well, as markets do, the first day of Q3 brought a far different tone than the prior six weeks as prices put in a quick breakdown to support at the 1785 level that I was following throughout last quarter. That price was the May swing-low and given this morning’s quick test below that, we now have fresh four-month-lows in gold prices. At this point there’s some bounce developing from that support but, given the culmination of factors with recession worries populating the backdrop, bearish themes could retain some attractiveness here.
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