Short

Gold miners extremely overbought

Updated

Time to take some profits looking for a better entry over the next few months. The 30 week moving average as a minimum correction level

Comment

OK this was wrong but RSI is over 86 at the close of last week. The selling should begin sometime soon

Trade closed manually

Gold looks like it is forming a zig zag so a drop below 1480 and then a push over 1550 is probable. Better to close this idea out for no loss today as short term a bounce looks imminent. XGD and XAUUSD showing some serious strength here. Still waiting foe a multi week long entry point.

Comment

Now we are much closer with what appears to be the start of the multi week correction I have been waiting for for gold. Almost time to start accumulating.

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