XAUUSD | Bulls taking a breather, sell down to $1450?
Updated
Price tested and held above the $1495 level for 12 days on the way up.
Yesterday, we saw price close below that same level and so far today, the bulls have been unable to retake $1495 from below.
Yesterday's low and close also puts in a lower low for the metal, something we haven't seen since June.
Are we in for a run lower? I think quite possibly.
I would like to see a daily close below $1480 (because there are no doubt many players waiting to buy around this level, and I want to see them beat first).
On a close below $1480, I'm looking to cover about $30 lower, at $1450.
Yesterday, we saw price close below that same level and so far today, the bulls have been unable to retake $1495 from below.
Yesterday's low and close also puts in a lower low for the metal, something we haven't seen since June.
Are we in for a run lower? I think quite possibly.
I would like to see a daily close below $1480 (because there are no doubt many players waiting to buy around this level, and I want to see them beat first).
On a close below $1480, I'm looking to cover about $30 lower, at $1450.
Note
Big stab up yesterday ...No sell yet, still interested in a close below $1480.
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