Gold is at a critical juncture with a 25% re-tracement from the recent high. Its price presently fluctuates around the 3/1 angle from the Gann zero angle of 1243. With Fridays rejection of the 1288 low, the temptation is to buy with a target of 1302 or 1305. On the other hand, should price fail to hold this angle, 1278 appears to be easily obtained.
What makes this trade, either short or long, difficult is the seasonal tendency for a short-term downtrend followed by higher prices expected in early October. How short, how far down and how fast before moving higher? Timing is crucial at this point.
Patience is a virtue,
Confirmation a must.
If wrong and things get volatile,
You could go bust.
What makes this trade, either short or long, difficult is the seasonal tendency for a short-term downtrend followed by higher prices expected in early October. How short, how far down and how fast before moving higher? Timing is crucial at this point.
Patience is a virtue,
Confirmation a must.
If wrong and things get volatile,
You could go bust.
Comment:
EDIT: replace "recent high" with high of 1375