Gold Bulls, don’t jump the gun
Trump has won the Presidency. Markets are having a breather following a high octane Asian session which saw dollar drop against the safe havens, while risk assets melt.
Gold clocked a high of $1337 today before retreating slightly to trade around $1317 levels.
Despite the bullish move, we have not had a bearish invalidation on the monthly chart; given the descending trend line is still intact.
Moreover, bearish invalidation is seen only if the monthly close is above the descending trend line. Till then, the upticks could be met with fresh offers.
Gold clocked a high of $1337 today before retreating slightly to trade around $1317 levels.
Despite the bullish move, we have not had a bearish invalidation on the monthly chart; given the descending trend line is still intact.
Moreover, bearish invalidation is seen only if the monthly close is above the descending trend line. Till then, the upticks could be met with fresh offers.
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