Hello friends, gold has been hit very hard recently. RSI Shows an extreme oversold reading on the daily, at the same level at which price has reversed twice before. the Gold price is also at the boundary of an ascending triangle, and furthermore at the 0.5 retrace level. In addition, it does appear the dollar may be topping out for the time being--at least it's a good possibility we'll see some steeper declines.
For these reasons, it seems a no-brainier to go for the long on the next opportunity.
For these reasons, it seems a no-brainier to go for the long on the next opportunity.
Comment:
Friends, Gold did what we expected and rebounded. It is currently consolidating. If you do not have high conviction in a renewed push to the upside, take profits here. I am expecting a break out of consolidation to the downside, and as this would form a partial rise, a failure of the large ascending triangle. If the current consolidation is decisively broken to downside, I plan to go short, and will be expecting a long decline to potentially major support around the 10K area. However, I am currenrly respecting the trend (rebound upward) and still in profitable long position