The trend for the gold price is still down

Gold's recent rally relief didn't last long. And while there may be some more upside in the short term, the charts indicate further falls ahead, says John C Burford.

I last covered gold on 16 September, when I asked: is gold poised for a big rally? Well, I got my big rally. Gold shot up by over $50 in a day.

But the rally did not last for long. The market continued its decline, playing to my script perfectly. This was the chart I showed last time:

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.