GOLDen Opportunity! Small Pullback and then up to 1275.
Hello Traders, the key area to look for is 1269 / 1270. The overbought RSI is hinting that that resistance level will hold the market and send it back down to the bottom of the Channel that it has yet to retouch, most likely haulting at the identified support band. Attention though, this is short term. The target is 1275.
The safest trade would be to wait for the pullback to then BUY and have enough room to let the position battle out the 1269 resistance band. Once it clears that its a safe shoot up to 1275.
Secnario 2: Market rips through the 1269 band without pulling back. Although unlikely due to the RSI levels and resistance band we're not ruling anything out. Plus, the way the DOW and SP500 are pushing for new highs, that should take gold down. To our preffered entry point at the bottom of the channel.
Attention: Do not get faked out with a fake breakout of the 1269 band. Wait for candles to close on the 1HR, most likely will have a fakeout which will form a DOJI candle.
Good luck!
The safest trade would be to wait for the pullback to then BUY and have enough room to let the position battle out the 1269 resistance band. Once it clears that its a safe shoot up to 1275.
Secnario 2: Market rips through the 1269 band without pulling back. Although unlikely due to the RSI levels and resistance band we're not ruling anything out. Plus, the way the DOW and SP500 are pushing for new highs, that should take gold down. To our preffered entry point at the bottom of the channel.
Attention: Do not get faked out with a fake breakout of the 1269 band. Wait for candles to close on the 1HR, most likely will have a fakeout which will form a DOJI candle.
Good luck!