In my previous analysis of the gold chart, I anticipated further upward movement. While I managed to secure some profits, a reevaluation of the instrument has led me to conclude that it's wiser to secure these gains and concentrate on a pending short position, as demonstrated in the chart. The downside potential appears significantly more substantial than the limited upside remaining.
It wouldn't be surprising to witness the 2085 level being touched before a decline; however, I have no intention of being caught on the long side. From a fundamental perspective, there are indications that one of the ongoing conflicts may reach a ceasefire as early as Saturday.
It wouldn't be surprising to witness the 2085 level being touched before a decline; however, I have no intention of being caught on the long side. From a fundamental perspective, there are indications that one of the ongoing conflicts may reach a ceasefire as early as Saturday.
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That bounce to the 2085 area could be happening here at the apex of the previous pennant breakout. Its a common thing but does not change our overall stance.
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Ill make a chart over the weekend, but as i said on the usdx chart just now, i see gold moving to 2030-2080-2150