Let me be clear that I am still overall BULLISH on gold in the long term.
With the recent high volume of buying we've seen over the past few days, the rally is not being able to sustain and has slowed down immensely around the 1710-1730 levels. It has formed a top at these price levels.
The buyers are slowing down and I expect a brief trend reversal to the downside to retest one of these key support levels, most likely 1680 or 1645, before breaking back to the upside.
The upward trend shown by the red line is indicating that price is close to breaking this trend line.
Thoughts? Make sure to follow for more!
With the recent high volume of buying we've seen over the past few days, the rally is not being able to sustain and has slowed down immensely around the 1710-1730 levels. It has formed a top at these price levels.
The buyers are slowing down and I expect a brief trend reversal to the downside to retest one of these key support levels, most likely 1680 or 1645, before breaking back to the upside.
The upward trend shown by the red line is indicating that price is close to breaking this trend line.
Thoughts? Make sure to follow for more!
Comment:
Looks like it is bouncing from the 1680 support I outlined above. Good place to take profits. This is the 4th successful gold trade in a row!
Trade closed: target reached
Comment:
Here is my updated gold trade!
