Gold prices bounced back Thursday after hitting their lowest levels of the year earlier this week. Get set for another decline, according to one technician.
The grim setup for gold is shown in the charts, Todd Gordon, founder of TradingAnalysis.com, told CNBC’s “Trading Nation” on Wednesday.
“From 2010 we’ve traced a beautiful five-wave decline down in gold, we’ve rallied back and all of a sudden everybody was very bullish on gold,” said Gordon, tracing the precious metal’s path since the turn of the decade. “But, did we just get rejected around the $1,400-$1,500 level? I’m starting to see a little bit of hesitation.”