Gold based on the Weekly charts is quite choppy overall and this is of course because of its sensitivity to the US index.
However, overall structure is still trending up except that for Now , ANY Buys is consider quite a risk, given that price have Already Pushed up and we can see a Clear exhaustion by the Bulls .
So we should see Bears starting to be In control for now at least until we can see a strong Buy price action Signal to buy at the Broken resistance zone.
Price consolidates quite long and we have seen the breakout to the Upside is there. So my take is it might make a corrective move down back to VALUE areas and we can see a stronger move mimicking the Strong first Wave up.
So it's short for Now, Neutral if it drops back to the Zone, and Long Once Buy price action signal forms on the broken Zone.
However, overall structure is still trending up except that for Now , ANY Buys is consider quite a risk, given that price have Already Pushed up and we can see a Clear exhaustion by the Bulls .
So we should see Bears starting to be In control for now at least until we can see a strong Buy price action Signal to buy at the Broken resistance zone.
Price consolidates quite long and we have seen the breakout to the Upside is there. So my take is it might make a corrective move down back to VALUE areas and we can see a stronger move mimicking the Strong first Wave up.
So it's short for Now, Neutral if it drops back to the Zone, and Long Once Buy price action signal forms on the broken Zone.
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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.