After seeing an obligatory snapback toward the previous rising trendline at the beginning of September, this month's update continues to show cumulative money flow weakness as the XAU/Yahoo advance/decline line is now at its lowest levels since June 27th. More importantly, the price of gold itself finally succumbed to this negative money flow leadership by breaking below its rising bottoms line this past week. Because of this, let's continue to look for further weakness in the price of gold for the next several weeks, with a minimal downside price objective in or around the Brexit lows of $1265.
Fib