My gold index is evolving in a bear flag type of pattern which should resolve lower. although price currently hit the support line of its symetrical triangle which should provide a temporary bounce, I will be looking for short entries to target the 61.8% and 100% extension fibs.
Looking to buy this market, here's why:
- the up trend,
- likely support at the potential demand level,
- a perfect match of the strong GOLD and the weak CAD, currently the former oversold and the latter overbought.