GOLD Daily: Ready for next move up?
Updated
After a major reversal on the weekly unfolding in a nice impulsive move upwards on the daily chart, a divergence showed up in the daily Gold chart, sending prices down over the past few weeks. They have dropped below the balance zone and took Momentum below 0, indicating a major correction. Now a new buy fractal signal has been formed. If it's hit, it could be a good entry point for Gold to reach a new high above $1282. This trade would occur in the overall trend direction (weekly), which would then also keep moving in what might be the new trend direction (long!)
Note
Gold suddenly strong this Monday. Fractal to buy on daily hit, that was quick! On weekly buy entries are nearby. If hit, correction was pretty short. Let's see. Same case in Silver.Trade closed: stop reached
Depending how tight your stop was on gold, you could have been out at around $1250, or you are out today just below $1230. In any case, stops are hit on this long .. as I said, correction was pretty short, this was the first fractal buy, usually it takes more than that to start a new move. With Risk Management losses were minimal on this one!
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