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Gold Price Breakdown: Retest coming?

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It appears the gold price breakdown may be setting gold up to restest the June 2013 low of $1179.40

Terry Kinder precious metals analysisBullion.Directory precious metals analysis 12 September, 2014
By Terry Kinder

Investor, Technical Analyst

The recent gold price breakdown sets it on a path for further declines and sets up the possibility that the June 2013 low will be retested.

The recent gold price breakdown may be setting up a retest of the June 2013 low.

The recent slide in the gold price threatens to break through important support and may result in a retest of the June 2013 low.

With price falling through the black line below the 6-2-14 weekly low of $1,240.50, we now face the possibility that the gold price could retest support represented by the dashed red line at $1,179.40.

Continued United States Dollar strength has also put downward pressure on the gold price. Whether or not the gold price breakdown continues will likely depend on whether or not the dollar continues to rise or, instead, reverses lower.

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Should price continue to slip further beneath the Keltner Channels this would indicate a strengthening of the downward price momentum.

MACD has formed a bearish crossover and dipped below the zero line.

RSI is slipping, but still well above the oversold level.

Whether the gold price breakdown continues will largely depend on United States dollar strength or weakness in combination with other technical indicators.

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