Gold looking to test 1250
Updated
Today we got further confirmation of a golden-cross with gold, and even though we had a slight hiccup intra-day spurred by a USD bond sale, we closed above 1240 and made new highs for this run.
TNX is struggling to maintain above water, and it's RSI has been trending down since it's run up in November. We could potentially see a death cross as it's 5EMA makes it's way through it's 50EMA. Once it breaks trend I'm expecting a waterfall here, and the MACD is supporting this notion.
I'm not going to change my mind on my bullishness of gold as long as these technical factors remain in place. I will sell as soon as the climate changes, which may not be for a little while.
TNX is struggling to maintain above water, and it's RSI has been trending down since it's run up in November. We could potentially see a death cross as it's 5EMA makes it's way through it's 50EMA. Once it breaks trend I'm expecting a waterfall here, and the MACD is supporting this notion.
I'm not going to change my mind on my bullishness of gold as long as these technical factors remain in place. I will sell as soon as the climate changes, which may not be for a little while.
Trade closed manually
Closed some of my longs manually, will not fight the market if it wants to give me a lower entry.
Related publications
Disclaimer
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.