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Gold basically did nothing once again, but – this might seem surprising – the implications are actually bearish, not neutral. The reason is that gold remains in a rather tight and quickly declining trend channel. The pause that we saw in the past several days was enough to take gold from the lower border of the trend channel (which provided support) to (almost) its middle.
In other words, thanks to doing nothing recently, gold can now move lower without encountering support immediately. It’s still possible that gold will continue to move sideways or even move a bit higher in the following days, but the potential size of the correction is now bigger as the upper border of the declining trend channel is also lower.
The next interim target for gold is at about $1,120 and the final one is at about the $1,000 level.
Once again, nothing changed in the case of silver (and the outlook remains bearish), so let’s move on to the situation in mining stocks and to the reply to the previous question about the miners’ pause.