Gold taking a breather or is it exhausted?
After a significant and a rather hasty run-up in the last couple sessions, April gold has formed what we traders like to call a Bearish harami type of candle in the last trading session.
This does not mean the price is going to tumble back down like a lead balloon, but it is an important signal for a possible reversal short term or a more extended one. The first target of this reversal could be around 1200-1190 area.
If it does not close below that level this could be a sweet spot to go long, if it does close below that level then this rally is another bear market rally and should look to short it. Either, way train your eyes to see price action and then determine your directional entry.
A great trading opportunity is coming next week in this market, especially if you feel like you missed this past move up.
This does not mean the price is going to tumble back down like a lead balloon, but it is an important signal for a possible reversal short term or a more extended one. The first target of this reversal could be around 1200-1190 area.
If it does not close below that level this could be a sweet spot to go long, if it does close below that level then this rally is another bear market rally and should look to short it. Either, way train your eyes to see price action and then determine your directional entry.
A great trading opportunity is coming next week in this market, especially if you feel like you missed this past move up.
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