After Election since November, sentiment for US Economy is positive.
More people are spending than investing,
therefore Gold continues downtrend.
Use Stochastic to Buy when oversold and Sell when overbought, It is very applicable when downtrend is consistent throughout year end, this is a very good chance to ride ...
Here is a very conservative view where possible movement of gold for this month..
Chart and marks says it all, now set some positions following the market responds toward the resistance and support lines.
After 1262 barrier has clearly been breached, it is a confirmation of breakout from hawkish trend, so next ...
I have to say this week MA does not work, HNS does not, Stochastic becomes rather unreliable..
One can do best is to trade 'within corridor' of hawkish trend. Using support and resistance line we can determine when to buy or to sell.. but be careful there is Bullish divergence pattern make sure to put stop loss for ...
Will touch 1300 before continuing the Bear until 1212.. I'm taking a more conservative approach for Target Profit at 1290 because of a slanted resistance ( gold line).
Keep an Eye on MA 20, it's the key to decide for opening a position!