Short GOLD in medium time range
Updated
Luckily i know what my lines mean!
I want to point out this crazy and justified rally from 1150 to 1800. Lately the strength is dropping, Namely an RSI divergence. Rising price action with a DROPPING RSI, Which is rather bearish.
We also have A LOT off overhead resitence at 1800 with long term resitence.
Breaking 1700, we could (easely?) see 1600.
On the other hand, we could see another leg higher to 1900, but new all time highs, and staying above it, is too soon at this time.
I want to point out this crazy and justified rally from 1150 to 1800. Lately the strength is dropping, Namely an RSI divergence. Rising price action with a DROPPING RSI, Which is rather bearish.
We also have A LOT off overhead resitence at 1800 with long term resitence.
Breaking 1700, we could (easely?) see 1600.
On the other hand, we could see another leg higher to 1900, but new all time highs, and staying above it, is too soon at this time.
Trade active
Gold hasn't breaking out yet and the current setup is still in play. We need a break off 1790-1670 to confirm the direction. With yesterdays rally, we haven't made new highs AND the RSI was again lower (then the high off april 14th).Note
Flirting with 1790, good place to SHORT. A weekly/monthly close above the level is very very bullish.Order cancelled
On July 10 we had that Very Very bullish close off 1801 above our 1790 price. Hope you made some nice profits with minimal losses.We are still trading above 1900.
This is such an explosive rally. Can it hold it?
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