Red_Ben
Long

Buying the Gold Dip Here

COMEX:GC1!   Gold Futures
Gold ( futures ) are pulling back, and some might fear that there's a head & shoulder reversal pattern forming. However, I see it respecting Fib retracement lines. This along with a volume and RSI analysis suggests we are in a consolidation pattern. What happens at the next test of the 1300 psychological resistance is anyone's guess. Last time we had a false breakout (which fueled this low-volume dip). I like the idea of taking 50% off around the 1300 resistance, then trailing a stop for the remainder in case we break it. If we get a daily or even 4hr close below the previous low WITHOUT bullish divergence on the RSI , I'd begin to be wary of that H&S . Otherwise, we likely have a short-term (wave 5) bullish trade setup ready to rock.
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