Gold has a strong tendency to bounce on the 200 EMA. It happened many times in the last year. If gold can't break through that 200 MA, I would short it. Because if it doesn't cross, There wil be the formation of a Double top pattern, which is a bearish indicator. I am presently bullish on gold (GDX), but if we can't get through that 1260$ level, I'll go fully bearish (DUST).
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Don't hesitate to comment.
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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.