GOLD isn't yet on a growing pattern

FX:XAUUSD   Gold Spot / U.S. Dollar
On a weekly chart, it appears that there was a double top formation. Of course, it is the first sign, we need to see the price going down to the neck line, that would give the second clear sign and the rest will come by itself.
As far as technical indicators are concerned, on a STOCH or Willam R% basis, we may appear to be overbought, but, if you bare in mind the MACD showns room for a downside movement, and watching MA100, MA50 and MA9, I would wait until further consolidation and/or a clear signal from the market, and we are not there yet.
Of course everything, every time zone, every case is trad able depending on your Leverage, your Stop Loss, the time you want to spend in front of your computer, the risk you want to take...
If it rallies $50 it will look bullish and if it drops $50 it will look bearish = time to wait. Take a look at GDX and the mining stocks - sometimes they lead the price of gold. I like how cheap ABX is, for example.
You are very right. And thank you for your comment and your advice. Although I am not an aficionados of GDX index, you did well to remind me to have a look on that, as I do folow VIX for the indexes. I do wait to see 1180 level or even bellow before entering the market. Yet it is too early and not stable as I do have mentioned in other XAUUSD graph.
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