GOLD pullback is not finished. Don't buy it now!
After last week's monster rally on Friday and today gold started to move down into its DCL.
If the bear is dead - and I think it is - this should be gold's first bull market countertrend rally.
It should be fast , painful, scary and has to get everyone very bearish to let gold build its second leg up.
This DCL should come back to the 50% FIBONACCI retracement... ANd daily RSI has to reach oversold levels...
On the second day of this pullback we tagged the bear market trend line. That won't hold for too long: I'm looking for to tag and break below the 10 EMA tomorrow and tag the 61,8 % FIBO level at 1180.
We have lost already 65$ in 2 days and MACD just turning down +RSI just left the overbought levels.
More pain is coming for the bulls who bought late this breakout...
If the bear is dead - and I think it is - this should be gold's first bull market countertrend rally.
It should be fast , painful, scary and has to get everyone very bearish to let gold build its second leg up.
This DCL should come back to the 50% FIBONACCI retracement... ANd daily RSI has to reach oversold levels...
On the second day of this pullback we tagged the bear market trend line. That won't hold for too long: I'm looking for to tag and break below the 10 EMA tomorrow and tag the 61,8 % FIBO level at 1180.
We have lost already 65$ in 2 days and MACD just turning down +RSI just left the overbought levels.
More pain is coming for the bulls who bought late this breakout...