GOLD - Still strong above $1325
Updated
GOLD's breakout of the triangle it formed was quite something. First, what appeared to be a fakeout to the upside, catching the bulls a bit early. Then collapsing back into the triangle.
Price threatened a downside break, and then picked itself up, broke up again (and retested) and then promptly took out the $1325 target I had drawn in.
Friday's candle looks a bit bearish, doesn't it?
However, the bears weren't able to capitalise at all yesterday.
Where to from here? I think today's candle close will be us a good clue.
If today's candle threatens yesterdays low, a short down to $1325 is in order. Alternatively, if today's candle starts "eating up" the wick of Fridays candle, the bulls are stil pushing this one higher.
Price threatened a downside break, and then picked itself up, broke up again (and retested) and then promptly took out the $1325 target I had drawn in.
Friday's candle looks a bit bearish, doesn't it?
However, the bears weren't able to capitalise at all yesterday.
Where to from here? I think today's candle close will be us a good clue.
If today's candle threatens yesterdays low, a short down to $1325 is in order. Alternatively, if today's candle starts "eating up" the wick of Fridays candle, the bulls are stil pushing this one higher.
Trade closed: target reached
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