FX_IDC:XAUUSD GOLD / US DOLLAR
I am gold: broke multi year channel; inflow in gold ETFs; yen is strong against USD; FED is late and oversold the idea of raising rates. Anything can happen tomorrow. How to play gold . Today at writing this note gold is in tight range. As long as 1238 is not breached the short term momentum is at play. 1260 level might present stronger resistance and send gold down to 1180. Not using count but the pattern we experience might be corrective ABC pattern before we take off again.
Comment: 1240sh should support the bullish trend. Retrace to this level should be bought with short term targets 1290 and 1300. As long as the price stays above the 20 daily just buy the dips