Gold on the rally after perfect pullback
Updated
Continuing from the previous analysis, we have seen a pullback for support right on the major rising lower trendline @ ~1200. From there, a rapid inversion of the expectations for a fed rate hike have caused the dollar to fall and have risen the precious metal.
There is no guarantee that this will keep going as full scale risk aversion hasn't yet kicked in.
Short term possible targets are: 1257.75 and then possibly into a solid resistance at ~ 1272
There is no guarantee that this will keep going as full scale risk aversion hasn't yet kicked in.
Short term possible targets are: 1257.75 and then possibly into a solid resistance at ~ 1272
Note
First target reached. grinding on :)I remain cautious however, as fundamentals are not mounting towards risk-aversion in full scale yet... even though we see the CHF gaining over the EUR and the EUR over the USD...
But this could be due to the emotional dollar decline happening now and could find itself out of steam pretty soon
Note
I hedged my position locking in the profit to wait for the pullback, and then I'll decide whether to close them both and take those profit or close the hedge and enter long again.
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