The short-term momentum for gold is skewed to the downside, and Chris Vermeulen, chief market strategist said that a support level of $1,800 could be tested before the next 'big move' upwards begins. However, if prices continue to trend below $1,800 an ounce, gold could fall all the way to $1,600.
0:00 - Vaccine news impact on gold5:00 - Equities8:30 - Gold: support levels and long-term forecast16:14 - Junior gold miners
Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic.