Last week strong rally seems to be now close to exhaustion. Even though the long term uptrend in gold remains intact, we are close to a local top.
I apologize for the crowding of the graphic, but these three items all point to the same issue:
- The pitchfork has been useful to define support/resistance for the last month and last session closed exactly at the upper limit.
- The 1,618 price extension from last two local top and bottom lays at 1296
- We're almost 20 USD outside the Bollinger bands which was useful top indicator on last occasions.
Also note that volume was raising along with price during the last five days, except for friday's where it decreased, marking the bull energy is nearly gone.
SL at 1305
TP at 1275 or even 1265
I apologize for the crowding of the graphic, but these three items all point to the same issue:
- The pitchfork has been useful to define support/resistance for the last month and last session closed exactly at the upper limit.
- The 1,618 price extension from last two local top and bottom lays at 1296
- We're almost 20 USD outside the Bollinger bands which was useful top indicator on last occasions.
Also note that volume was raising along with price during the last five days, except for friday's where it decreased, marking the bull energy is nearly gone.
SL at 1305
TP at 1275 or even 1265
Trade active:
It's taking longer than expected, but targets are yet to be reached.
