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The Steady Slide In The Price Of Gold — And Of Bitcoin | Forbes

You can see on this chart that the April peak was a stab higher toward the January peak and that now we’ve dropped significantly through and below the Ichimoku cloud level. The last major low was way back in December of 2016 — will that level be support since buyers showed up in large numbers last time at that price?

The major peak in the price of gold on a monthly basis was that 3rd quarter of 2011 — yes, that’s 7 years of lower prices since then. That the monthly red bar has dipped below the Ichimoku cloud is a significant development from the standpoint of technical analysis. This chart also shows that the late 2016 low may be the next attempt at a support level.

Now, let’s take a look at the Bitcoin price movement. Here’s the daily chart:

The hope that a June low might be the bottom and that bitcoin could take off again from there — as it did in July — has been dashed with the August selling. To get back on track, that early summertime low must hold and price needs a close or 2 above that down trending dotted red line.

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The Steady Slide In The Price Of Gold — And Of Bitcoin.

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