Gold closed slightly lower on Tuesday, down .4 points. In early morning trading, Gold had moved down and touched the lower cyan Bollinger Band, which is 1.5 Std Deviations from the 21 day mid point moving average. The rest of the day was subdued, as we await the next move. The haDelta indicator did print a new magenta dot which indicates that more downside movement is likely. This reverses the yellow, bullish, dot that was printed on Monday. In addition, the Heikin-Ashi candles remain red and the Elliot Wave Oscillator is also solid red. At this point, it is statistically probably that gold will continue moving down at least until it hits the lower red Bollinger Band.
Tuesday's Heikin-Ashi candle was a good, strong red candle which was a very nice recovery from Monday's mixed candle that had wicks at both ends.
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Disclaimer: This post is for educational purposes only. Trading is at your own risk.
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Disclaimer: This post is for educational purposes only. Trading is at your own risk.
