failed a very nice bullish divergence
, and broke support with a very long marubozu
, I entered in a short position. Besides the technical factors, I understand that fundamentally gold
risk another crash. Gold
is now testing the broken support, with a bearish
candle. My stop is above 1300. Technically, I expect gold
to go to 1240, but because the fundamental picture offers the possiblity for another crack, I'll probably end up holding this position for longer.
I used XAUUSD
instead of GC1 because I liked more how the candle looked on this chart. Here is the volume
for this small rally
This is not how an uptrend should start.