Golf Under Accumulation
Updated
In my humble opinion the gold market looks like it is under accumulation.
We have had multiple opportunities to make new lows but the sellers are not available to push the market down below prior lows.
As expected, the blow-out CPI number triggered massive volatility. Such a terrible print might have put sustained pressure on asset prices in anticipation that the Fed will be forced to act more aggressively than it had signaled.
In fact, weekly stochastic RSI looks like it wants to turn back up. Price is also sitting at the bottom range of the Bollinger bands having tested and held the low end once already.
Traders may consider this to be an ideal point of entry, with a target of 50-60 points Using stops above lows.
We have had multiple opportunities to make new lows but the sellers are not available to push the market down below prior lows.
As expected, the blow-out CPI number triggered massive volatility. Such a terrible print might have put sustained pressure on asset prices in anticipation that the Fed will be forced to act more aggressively than it had signaled.
In fact, weekly stochastic RSI looks like it wants to turn back up. Price is also sitting at the bottom range of the Bollinger bands having tested and held the low end once already.
Traders may consider this to be an ideal point of entry, with a target of 50-60 points Using stops above lows.
Trade closed: target reached
Buying Gold on this dipNote
gold up 35% and may still have room to run I will start unloading this year and will clean position by ;electionTrade closed: target reached
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