If The Shoe FITZ | R.J. O’Brien

3rd Time Not A Charm

Written by Tom Fitzpatrick | August 14, 2024
For the 3rd time Gold got up to the 2,478-2,483 level and for the 3rd time it failed to advance
 
This makes me concerned that this move may have now run its course for the foreseeable future.
 
In addition, a close today, if seen, below $2,459 would give us a bearish outside day at the high of the move to go with the "triple top"
 
All this suggests a danger we could retrace all the way back towards $2,353 to $2,364 again and if that range gives way, then possibly extend towards as low as $2,225 with initial support at $2,320 and $2,277-$2,288