Time to take some profits looking for a better entry over the next few months. The 30 week moving average as a minimum correction level
Comment:
OK this was wrong but RSI is over 86 at the close of last week. The selling should begin sometime soon
Trade closed manually:
Gold looks like it is forming a zig zag so a drop below 1480 and then a push over 1550 is probable. Better to close this idea out for no loss today as short term a bounce looks imminent. XGD and XAUUSD showing some serious strength here. Still waiting foe a multi week long entry point.
Comment:
Now we are much closer with what appears to be the start of the multi week correction I have been waiting for for gold. Almost time to start accumulating.