Gold's Epic Rally STALLS - what's next?
Updated
Hello traders.
Gold had previously entered a potential buy/breakout zone but has not produced confirmation and as far as we can see, has not given another opportunity for long positions.
On the weekly, TD9 coupled with a rejection at the .236 Speed Fan resistance shows a potential retrace. Optimally, a strong trend will test the previous swing low at the 50% retrace, and bounce from there. That's a discussion for later, but for now a short seems obvious.
Take profits low 1400's with a full run targeting 1400 itself.
(looking at older charts, I think there is a very tiny chance for a bounce, RIGHT here, so wait for a small drop to confirm)
Gold had previously entered a potential buy/breakout zone but has not produced confirmation and as far as we can see, has not given another opportunity for long positions.
On the weekly, TD9 coupled with a rejection at the .236 Speed Fan resistance shows a potential retrace. Optimally, a strong trend will test the previous swing low at the 50% retrace, and bounce from there. That's a discussion for later, but for now a short seems obvious.
Take profits low 1400's with a full run targeting 1400 itself.
(looking at older charts, I think there is a very tiny chance for a bounce, RIGHT here, so wait for a small drop to confirm)
Note
that's a cute gap, not going to save it :PNote
Beautiful entries here, anything below the .236 is short territoryNote
Super important test right hereNote
In my personal opinion, the longer gold stays under the .236 downwards resistance, the more chance it has of retracing to 50 - 79% levels. The best entry you might get for a move like that at this point might be 1520 BUT don't rule out something ridiculous like another false breakout towards 1600 before a good drop....basically what I'm saying is Gold is super manipulated and prone to powerful moves so be careful.
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