GOLD - Still bullish, but time for a pause.
Last nights FOMC release treated the yellow metal kindly.
But what next?
As long as price remains above the $1350 level, its bullish to me.
However, a simple buy here doesn't cut it.
I'd like to see a retest.
A specific retest. I'd like to see price drift down to $1350 or thereabouts over the next few weeks and bounce off that level. That sets me up for a long. Alternatively, if price builds some sort of consolidation-like structure where it is - think a channel for wedge, my interest in a long at these levels would be reinvigorated.
If price plummets below $1350 in an aggressive fall, my interest in the long side disappears just as quickly.
But what next?
As long as price remains above the $1350 level, its bullish to me.
However, a simple buy here doesn't cut it.
I'd like to see a retest.
A specific retest. I'd like to see price drift down to $1350 or thereabouts over the next few weeks and bounce off that level. That sets me up for a long. Alternatively, if price builds some sort of consolidation-like structure where it is - think a channel for wedge, my interest in a long at these levels would be reinvigorated.
If price plummets below $1350 in an aggressive fall, my interest in the long side disappears just as quickly.
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