Gold Weakly Chart
Just an update about Gold... I am kinda mixed about Gold at the moment.
It looked as if there were legs for a good launch, and yet it did not. Stopped short at the channel resistance only to look a bit weak, closing below the weekly 55EMA with the last two candlestick suggesting a retracement off the resistance.
At least the RPM and MACD is a little supportive for a pending breakout.
What is also interesting is that the Largest 8 Traders (bottom panel, yellow line) appear to be buying up Gold in the last couple of weeks.
On another note, the USD recently started running up. Continued bullishness in the USD would put some pressure on this Gold breakout, tipping towards a retracement.
To break out or to break down?
Only time will tell...
It looked as if there were legs for a good launch, and yet it did not. Stopped short at the channel resistance only to look a bit weak, closing below the weekly 55EMA with the last two candlestick suggesting a retracement off the resistance.
At least the RPM and MACD is a little supportive for a pending breakout.
What is also interesting is that the Largest 8 Traders (bottom panel, yellow line) appear to be buying up Gold in the last couple of weeks.
On another note, the USD recently started running up. Continued bullishness in the USD would put some pressure on this Gold breakout, tipping towards a retracement.
To break out or to break down?
Only time will tell...
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