GOLD: downtrend and an upward correction.
Price reached 23.6% Fibo correction - levels of resistance.
price action: two pin bars and price under their base - negative signal.
Divergence price- indicator: price makes upper top, and indicator lower one (RSI, DeMark).
CCI(50) goes under 100 - signal for a possible downward movement.
DeMark under 0.7, after divergence - strong signal for a possible decrease.
Monetary policy of FED is for a tightening in money policy. This is negative for gold. Current correction was sharp and strong, and price levels are now high so new long positions are unfounded.
Stefan D. Angelov - Head of Stocks Trading
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