It may look like we have a support on GC1! on monthly basis around 1150$ but all indicators are low with no signs for uptrend.
Weekly and Daily, all indicators are on downside, MACD is Under zero, RSI is Under 50% both with downtrend and STOCH is in the ditch.
We must wait for clear rising signal wich will appear on daily basis before going long.
Until then I wont be suprise to see GC1! going Under 1000$ to the next support wich is around 900$ or even lower.
It is hard to make money on downtrend except if you buy product like ETF wich following gold in downtrend like HGD
Please trade carefully
Weekly and Daily, all indicators are on downside, MACD is Under zero, RSI is Under 50% both with downtrend and STOCH is in the ditch.
We must wait for clear rising signal wich will appear on daily basis before going long.
Until then I wont be suprise to see GC1! going Under 1000$ to the next support wich is around 900$ or even lower.
It is hard to make money on downtrend except if you buy product like ETF wich following gold in downtrend like HGD
Please trade carefully
