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Gold price may be near a new leg down

SPX News by Simon Kazinsky on 12:48 November 29, 2017 EST

Gold is consistently showing its inability to rally under any circumstances. While crypto currencies are setting new highs almost daily on good and bad news the previously considered safe haven commodity is not shining comes rain or shine.

Today the stock market is faltering after an impressive run. Tech companies are feeling the hit and uncertainty is picking. With these premises gold should have gained at least a few dollars, however, it is leaving a second red large candle on the daily chart and trades in the direction of a major support currently at $1,275/oz.

Breaking support will allow shorting with more confidence as retail traders are piling on long bets.