nmike

GOLD weekly update

MOEX:GOLD1!   None
930 3 8
Gold             is still in a down trend and below the 34 MA. At this point I would say that Gold             is NEUTRAL.We have a triple bottom at key support with last week's candle having a long lower shadow.Higher volume last few bars could also mean accumulation. If the TRIX keeps rising GOLD             could find it's way to top of channel near term.Let's also keep an eye on the long term FISHER (100). FISHER(100) above mid-point could signal a major shift in trend.
next support is at the .5 FIB level https://www.tradingview.com/e/YKyoNpCp/
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update....GOLD did not hold at KEY support, now KEY support becomes KEY
resistance.Possible near term downside target to bottom of channel. Further downside if GOLD breaks channel support.
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worth the risk
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