Gold is Bearish on Short-term

TVC:GOLD   CFDs on Gold (US$ / OZ)
Even though the price broke the Lower High trendline yesterday, it failed to test the #1,635.70 Resistance, so Technically it is still under a Higher High and should turn back any moment. Like I said before as Long as the #1,635.70 Resistance Zone holds, Gold is Neutral/Bearish on the Medium term. The Hourly 4 #MA50 is still untouched ( Gold is not headed that (down) way at the moment), so Technically I still don't have confirmation of a downfall. DX recovered and is near last week's High but this was counterbalanced by the pullback on Bonds. Gold remains relatively High under the circumstances. In my opinion if #1,630.70 rejects the price-action then I will be looking at #1,510.80 Gap fill. Under this volatility best to do if you are a Short term trader is to scalp the price whenever it goes within the Hourly 1 Bollinger Bands . Anything outside this range is led by macroeconomic forces that are difficult to handle with such uncertainty. My first Target is #1,570.80 and #1,540.80 in extension.


Excellent. Appreciate the analysis!
+1 Reply
@pirrom, Noted.
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