In the recent technical analysis of scrap gold prices we were looking at a smaller wedge which broke out to the downside. There is a larger wedge (drawn in above). This is also an ending pattern in the uptrend it is just much larger than the other wedge. A move below 1175 would be the start of a dramatic move downwards in scrap gold prices - for now. I have also drawn in a trend line which interestingly enough coincides with the bottom line of the wedge. Also the price bounced off the trend line 3 times - one of those times was today. A break below the trend line of scrap gold prices, the a retrace upwards and the a continuation downward below that level will also indicate a change in direction of scrap gold prices.
In Gold We Trust is an Online Scrap Gold Calculator that calculates up to the minute scrap gold prices and values of all silver and gold coins
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