The week before last gold printed a with a breakout. But last week there was no follow through. We had a red . And the beginning of this week we are coming down again.
We have divergence between price and the . WHile we had a higher high in price was not able to move higher into the overbought territory. Also looks week to me.
I'm starting to believe that the breakout was a fake move to get more bulls on board before we get a seriuos correction at the end of the new bull market's first stage...
This week should give us the answer: Will gold rally against the strengthening dolar and soaring stock markets?
I don't think so.
As soon as I see the sign I will launch Gold's daily post. I want to be 100% sure the daily cycle top is in. Now I'm 95% sure that gold's intermediate decline has started.
Bulls have to face a serious decline this week.
There will be higher prices in July , but before that we will have a correction. A tough one.
If you are long you have to get prepared for even a decline to 1150. If you are ready for this mentally and "capitally" it's not a problem.
But at the bottom it will look like gold is going 1000$. All of your senses will tell you to close the position.