Gold is is an uptrend channel. Possible that Minute wave IV is over.
We had strong resistance in the 1320-23 area (38.2% pullback) .
Usually gold is weak before a FOMC meeting (Dunno why ?) ... Commercials still Net Shorts ...
Gold can rise with Commercials Net Shorts if you look at this chart from 2007-2017
s26.postimg.org/95i8...Report_2007-2017.jpg
So it is possible that gold retrace in the 1313 area (50% pullback) .
Strong resistance in the 1295-1300 area.
Invalidation at 1293
Project, Monitor, Adjust
We had strong resistance in the 1320-23 area (38.2% pullback) .
Usually gold is weak before a FOMC meeting (Dunno why ?) ... Commercials still Net Shorts ...
Gold can rise with Commercials Net Shorts if you look at this chart from 2007-2017
s26.postimg.org/95i8...Report_2007-2017.jpg
So it is possible that gold retrace in the 1313 area (50% pullback) .
Strong resistance in the 1295-1300 area.
Invalidation at 1293
Project, Monitor, Adjust