Gold is at the fib 38% retracement level and could be about to move lower again. That said, recent bulls action has been looking strong, so we need to get a clear price action signal before entering short. There was some small rejection of the Fib38% level on 12/01 but it was by no means compelling - more of a whimper, but it does show that there is at least some weakness there.
Price came within 200 points of bouncing off the long term trend line back in December, but I don't think that's close enough for me, and most likely we'll see one more push down, touch the trend line and then, if that holds, we could well see a rally much higher.
Weekly Trend line
Price came within 200 points of bouncing off the long term trend line back in December, but I don't think that's close enough for me, and most likely we'll see one more push down, touch the trend line and then, if that holds, we could well see a rally much higher.
Weekly Trend line
Trade active
Price has now stalled at the 100EMA and looks ready to reverse. We have a bearish engulfing signal and I will now enter, placing my SL above the swing high.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.