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- GOLD: Possible small correction to 1330 for a new short, passing of the price below 1323 is also signal for short
GOLD: Possible small correction to 1330 for a new short, passing of the price below 1323 is also signal for short
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Loading...GOLD: Medium term trend is Long, but the short term is short
Lower high and lower low, possible change in direction from long to short
The break of the diagonal support, retest of the break and lower move.
At the moment the price makes a correction toward 1330. It is high likely to see a retest of these levels again where we can seek new short.
The Indicator remains in the negative territory, as we need to look for a better place for short ahead of the speech from Yellen in Thursday and Friday over the meeting of the Central Banks. What Yellen will say is very important and possible that it will be a signal whether the indices will fall, if the monetary policy will be tightened, which will cause GOLD price to move. Therefore, we need to minimize our risk with smaller stop.
Short term tendency is for sell, lower low again, we will wait correction to 1330 or break of the minimum of the previous 2 bars around 1323 for short.
Stefan D. Angelov - Head of stocks Trading
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