People are starting to turn bullish again with the 'sky is falling' theory. I'll stay short and target the fib lines below. 1470 may be a bit greedy of a target but I do believe a lower price is ahead.
I'm not actually longing this; I've been short for the long term but to have some fun I'm testing to see if I can predict some bull power. High risk trade. Bears can easily pull us into free box I set up, but let's watch:
I personally believe that we will dip a bit here but can't be sure. I have already hit my target so I am not so reluctant to short now but am aware bulls are still here. taking some profits on way down is advised.
The Bears have been beaten into a bloody pulp and are looking for a bounce off the top of the wedge in the next coming days/weeks. The 1483 (5) line will act as a confirmation area. No reason to believe Gold can't keep flying but I'd say safe bet is to respect the broadening wedge until broken.
I'm literally guessing here and posting prematurely for fun, so lets watch and see:
We've probably entered into a forming falling wedge
immediately after our rising wedge collapsed signaling
the bulls true strength here.
1450 won't be the end of the movie.
Even if you don't trade this, beware of what may happen.
I have a rule in trading to never short sell bullish trends. I have a long term target of 1465-85-ish and know how risky this trade is. Targets have been defined to next fib level. Enter on support break ONLY with limit order. Super risky trade.