GOLD - Time to Sell
Hi All,
Here is a quick technical & fundamental reason why I am selling Gold (PLEASE NOTE: I could be wrong!).
Technical:
We have two bearish chart patterns indicating the direction.
We have already broken out of a Ascending Broadening chart pattern & now, we have also broken out of a Descending Pennant both imply a bearish move
Fundamental
We have CPI data release today with a forecast of 6.8%, expecting high volatility. Please keep wide stops and position your lot side accordingly.
Last month CPI result was 6.2%, the highest in 30 years, when we read into the specific data we can identify two major factors.
A) Oil prices
B) Energy Prices
Although both are high, we are out of the most recent peak prices from last month highs.
Here is a quick technical & fundamental reason why I am selling Gold (PLEASE NOTE: I could be wrong!).
Technical:
We have two bearish chart patterns indicating the direction.
We have already broken out of a Ascending Broadening chart pattern & now, we have also broken out of a Descending Pennant both imply a bearish move
Fundamental
We have CPI data release today with a forecast of 6.8%, expecting high volatility. Please keep wide stops and position your lot side accordingly.
Last month CPI result was 6.2%, the highest in 30 years, when we read into the specific data we can identify two major factors.
A) Oil prices
B) Energy Prices
Although both are high, we are out of the most recent peak prices from last month highs.
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