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.