Gold Outlook
Yesterday I said that, although Gold rose above short term resistance, I remain bearish. I fact I even sold a rally at 1966 which ended up with 160 pips profit.
My bearish outlook is intact and, in my opinion, the rise from 1910 lacks impulse.
From the technical point of view, Gold stopped its descend yesterday in 1950 and, after consolidation, we have an anemic leg up above 1960 today.
This rally can be considered a good opportunity to sell the yellow metal with a target of at least 1950 in the very short term.
This outlook is invalidated if cold closes above 1970 on a daily bases.
My bearish outlook is intact and, in my opinion, the rise from 1910 lacks impulse.
From the technical point of view, Gold stopped its descend yesterday in 1950 and, after consolidation, we have an anemic leg up above 1960 today.
This rally can be considered a good opportunity to sell the yellow metal with a target of at least 1950 in the very short term.
This outlook is invalidated if cold closes above 1970 on a daily bases.
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