Gold is is an uptrend channel. Possible that Minute wave IV is over.
We had strong resistance in the 1320-23 area (38.2% pullback) .
Usually gold is weak before a FOMC meeting (Dunno why ?) ... Commercials still Net Shorts ...
Gold can rise with Commercials Net Shorts if you look at this chart from 2007-2017
s26.postimg.org/95i8fl5k9/COT_Report_2007-2017.jpg
So it is possible that gold retrace in the 1313 area (50% pullback) .
Strong resistance in the 1295-1300 area.
Invalidation at 1293
Project, Monitor, Adjust
We had strong resistance in the 1320-23 area (38.2% pullback) .
Usually gold is weak before a FOMC meeting (Dunno why ?) ... Commercials still Net Shorts ...
Gold can rise with Commercials Net Shorts if you look at this chart from 2007-2017
s26.postimg.org/95i8fl5k9/COT_Report_2007-2017.jpg
So it is possible that gold retrace in the 1313 area (50% pullback) .
Strong resistance in the 1295-1300 area.
Invalidation at 1293
Project, Monitor, Adjust
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.