Gold Price Forecast: XAU/USD Poised for August Breakout After Six Weeks of Consolidation - FOREX.com
Gold Price Forecast: XAU/USD Poised for August Breakout After Six Weeks of Consolidation - FOREX.com
Source: FOREX.com
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DW NOTE
Gold at $4,049 is down 23.9% from its January high of $5,318. Six weeks of consolidation means six weeks of anyone who bought the breakout watching their position bleed. The "breakout" language is cargo-cult technical analysis — drawing lines on a chart while ignoring that the metal has surrendered nearly a quarter of its value in seven months.