Current Opinion about Gold:
Make it or Break it - Situation for the Bulls
Perfekt Pullback to support 1485 even with a wick down to 1475 as of Fridays Market .
wicks may confirm a higher low on smaller timeframes
My last TA-Post predicted that 1485 Support will be testet and needs to hold and a drop below 1475 would add more trajectory to the downside.
So far Gold has tested 1485 support, wicked below reaching 1475 caused by global market which occurred last Friday but regained strength since then and working its way already back up.
We Oscillators are showing different mixed signals throughout different Timeframes so we can't really trust them as personally I want to see a consensus of a few higher or few ower timeframes.
I am on Gold Until the Price is still above the Weekly 10 .
20 is coming in at 1450 which still can be tested and needs to hold or continuation.
Also it would still keep the Downwards Channel Pattern intact which statistically has more chance to break to the upside.
A Drop Below the 20 on the Weekly and even a few ticks below it would let me derisk my Long Trades immediately and wait for resolution and maybe a retest of much lower prices around the 1370 with also the Weekly 50 coming in for support.
You can copy and follow my Trades on eToro
$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL. ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS