Gold still in consolidation

FX:XAUUSD   Gold Spot / U.S. Dollar
Multi-month agonizing sideways consolidation in FX_IDC:XAUUSD             continues.

Main scenario: Gold             can hold above $1,300 and will soon start the next leg up towards $1,415 - $1,430.

Worst case scenario: Gold             is breaking the trend-line and corrects towards $1,262 - $1,295. That would be a great buying opportunity.

Only below $1,255 new bull market gets into serious trouble.
Trade active: Worst case scenario active! Finally gold is presenting us a wonderful opportunity to buy. Yesterday´s crash certainly killed all the weak hands in the market.. we´re close to the 200MA. 1255-1262 should hold.. expect 2-4 days bottom building before gold is moving up again
OK, it seems that it breaks the critical support level.
Does this means that Gold will be bearish until the end of this year ?
No it is coming into my blue box. Very close to the 200MA. 1255-1260 is very strong support. We might see another 2-4 days of searching the bottom but in my humble opinion this is a buy. I have buy orders between 1270 and 1260. Stopp 1250
+1 Reply
XMrider MidasTouchConsulting
Hi MTC, Did you stopped out at 1250?
I used Friday´s spike to close my position as I am not yet convinced that the bottom really is in... I don´t want to see Gold moving below 1210/1220 because in that case the bigger picture indeed would be changing... right now I think we are close to the bottom or might have seen it already.. once established a bounce towards $1,295 should follow. But only above $1,325 gold is back in full bull mode.. so far it´s a healthy pullback/dip within a larger uptrend...
albertwt MidasTouchConsulting
Ah I see, thanks for the clarification.
Thanks for the sharing.
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