I haven't got much to comment really but gold is in a bull market (do i need to repeat that?) This means to cut to the chase if you are shorting you are gambling and if you are long then you need good money management and patience. It will then pay off.
Sorry to be blunt but how else can i say it.
I see gold as staying in a consolidation for a little while longer yet and even dropping down to low 1300's. From this point it should make a break for higher lows and go to 1400. I'm not trad a short as the trend is up and i will wait for the low to come in.
Confirmation for the dollar weakness can be seen in the commodities rising eg Gold. I do expect a pull back on the MA as it won't let go too easily but once gone it will slip down nicely. The last FOMC meeting showed the dollar weakness and the country addiction to QE.
Head and shoulders pattern . As with all commodities rising oil is normally the slower one to catch up. I would not short this market.
Need to start looking for some good entry points to run with this bull back into the autumn.
Nice bull trend though we have a current pull back and i expect this to hit around 18.78 , before recommencing the bull to over 21.00.
I am long on all commodities for the foreseeable future. All this QE has to go somewhere, spx500 is flying, Nasdaq is also due to ATH.