Gold Tests Bottom of Wedge

COMEX:GC1!   Gold Futures
40 0 2
Good Evening Traders!

Gold             fell again today, down a little over 8 points from the open. Price tested the bottom of the short term wedge , the dotted magenta line on the chart and now appears poised to hit the major support area around 1305 in the next day or two. This is confirmed by the Stoch RSI which has also fallen below the 20 line, showing that the downward cycle is still intact but may soon be ending or slowing down.

I know that a lot of traders are anticipating a strong rebound off the 1300 - 1305 area and I do have my final profit target set at 1305. However, I will wait for confirmation before entering a long position.

Trade safe and protect your profits!

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