Commodity forecast / GOLD / Our expectations
Middle-term upward trend, higher bottoms. Short-term downward correction. The price broke the consolidation in descending direction which would gives us reason to enter short position, but shortly after that returned in the consolidation making long movement more likely. Gap in upward direction is strong positive signal. The price is above SMA 200/50. Technical indicator: DeM(14) - above level 0.5 - the positive sentiment is still strong. Break of FiBo 50.0 is shows that the bullish impulse is strong.
Alternative scenario: If the price pulls back below the moving averages and fill the gap, the positive scenario will be dismissed.
SL: 1268
Trader Bozhidar Arabadzhiev
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