My guess is that we have started the corrective phase of an Elliott wave. The question marks mark my predictions on price, RSI and MACD.
Is this the reversal of the negative trend for Gold?
Starting with a small position incase we get a pullback to 200EMA and the buy more, if we don't get a pullback we buy another position, but with lower reward.
I was wrong on my last analysis. Flipped to bullish after break of resistance. BIG RISK: Overbought on RSI, taking a small position.
Short with a SL just above resistance and a TP on support. Biggest risk is still positive, but slowing, momentum on the daily chart.
I see a possibility for a lower gold price.
Short term bearish and longterm bullish.
Waiting further price action.
I see a channel that has been formed and the price is close to the channel floor and looks like it probably will bounce from the floor.
My fundamental opinion is saying that we are going to break to triangle on the upside but my technical analysis doesn't give me any clear directions and I will wait and see if the price falls down to the support or if it will break the triangle.