Chart of the Day – Friday, June 7, 2024
Patrick Dunuwila
The Chart Report
11 months ago
1 MIN READ
…….knees and toes. #Gold pic.twitter.com/lQdIxJ6DXE
— Michael Kahn, CMT (@mnkahn) June 7, 2024
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn).
- It was an ugly day for Precious Metals. Gold dropped -2.76%, while Silver had its worst day since Feb. 2021, sliding -6.14%. However, neither metal has made a one-month low yet.
- Michael points out that Gold broke the neckline of a two-month Head & Shoulders Top today. It also closed below a rising 50-day moving avg. for the first time since February.
- Gold has also formed a Bearish Momentum Divergence over the past two months. RSI failed to confirm the most recent all-time high, and it’s been unable to reach overbought territory lately.
The takeaway: Gold broke down from a Head & Shoulders pattern today after losing momentum over the past two months. This opens the door to further downside in the near term. However, the uptrend remains intact.
The post Chart of the Day – Friday, June 7, 2024 appeared first on The Chart Report.
