There has been a near .62 correction in the recent rise earlier this year (see 2 hour chart) and price appears to have bounced up off a potential "resistance becomes support" line. On the 2 hour chart the recent down action also has reached the downside of the channel. The daily RSI shows a positive reversal followed by a bullish divergence which as I have mentioned before often precedes a reversal. Process through your own approach. Hope this is helpful. Feedback + or - always appreciated.
Quite interesting. I am bullish Gold based on this risk on environment in my opinion being unsustainable.
goodguy
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@DavidBelleFX, Thanks for the feedback. I agree with you. I try to trade based on the charts as I am sure you do. I am not an economist but I see US government spending continuing to rise with large deficits likely to bring about inflation or likely a drop in the US Dollar which would rise the cost of oil, and precious metals (in dollar terms). But that is just a guess. Best to you.