Sive Morten
Special Consultant to the FPA
- Messages
- 18,564
Greetings everybody,
Gold gradually returns status quo as it has to cost much higher especially on a background of unlimited cash printing. Despite that gold still stands in a limits of "retracement" - recent price action strongly hints that this is probably not a retracement.
On daily chart we see too strong action for bearish reversal H&S pattern, especially for the right arm, where bears should take control over the market. Now price has broken through major 5/8 Fib level and climb deeply overbought:
On 4H chart we could make a discount and accept this action while gold stands at ultimate point of retracement - XOP target. But - watch closely. As soon as price moves above it - we're in trend continuation, not in retracement any more.
Despite solid price action -we do not see any good setups by far. It is too early to go short as we do not have any clear bearish patterns. It is not time yet for the new long positions as well - market is too overextended in short-term. We need to wait a bit when rush will calm down and then search chances on a pullback...
Gold gradually returns status quo as it has to cost much higher especially on a background of unlimited cash printing. Despite that gold still stands in a limits of "retracement" - recent price action strongly hints that this is probably not a retracement.
On daily chart we see too strong action for bearish reversal H&S pattern, especially for the right arm, where bears should take control over the market. Now price has broken through major 5/8 Fib level and climb deeply overbought:
On 4H chart we could make a discount and accept this action while gold stands at ultimate point of retracement - XOP target. But - watch closely. As soon as price moves above it - we're in trend continuation, not in retracement any more.
Despite solid price action -we do not see any good setups by far. It is too early to go short as we do not have any clear bearish patterns. It is not time yet for the new long positions as well - market is too overextended in short-term. We need to wait a bit when rush will calm down and then search chances on a pullback...