I will update gold on the daily basis later today. Haven't decided to post a public or private idea.
On the hourly chart the pullback seems to be done. The dip buyers have arrived in the morning . Right now we are tagging the 200 SMA and the head & shoulders pattern's neckline.
The RSI is near to extremely overbought , MACD seems to want to stay in the negative territory and turn down again.
In the next 2 days we need to drop to the lower trendline between 1315-1319$ and break it down.
There is no daily cycle that will be finished after one marubozu. The decline is not over yet.
On the hourly chart the pullback seems to be done. The dip buyers have arrived in the morning . Right now we are tagging the 200 SMA and the head & shoulders pattern's neckline.
The RSI is near to extremely overbought , MACD seems to want to stay in the negative territory and turn down again.
In the next 2 days we need to drop to the lower trendline between 1315-1319$ and break it down.
There is no daily cycle that will be finished after one marubozu. The decline is not over yet.
Comment:
Day traders can set a take profit at 1319. The trendline will be broken soon.
Comment:
I just got the memo TV set this idea as not recommended. Maybe thats the reason it's working well.