Gold price will keep sliding, but watch for this rebound level
Gold is down, at one point, 0.6% on Monday, but traders and investors alike need to understand that this really is not a big move, said Chris Vermeulen, Chief Market Strategist at TheTechnicalTraders.com. “Today, we’re just this tiny little red bar, this average, usually we see a quarter of a percent, or half a percent move in gold, and today we’re down only half a percent,” Vermeulen said. Gold miners, which usually lead the bullion in price action, have another 10% or so of downside before prices rebound, he added.
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