Gold at Crucial Test

Gold in US dollar terms is undergoing a critical test at a key area of confluence near the July lows:

 

Gold (Daily)

Gold_Daily_8.30.2016

Below $1310 gold has minor support between $1290 and $1300 before it heads down to major support near $1260.

As gold completes its worst August since 2008 it enters its best month of the year historically:

Gold_Seasonal

However, it should be noted that gold has actually declined during September for 4 consecutive years for an average monthly loss of 4.2%.

 

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