GOLD will enter consolidation state next week, for a week or two, according to RSI and the graph. Altough i'm not expecting it to shine the next few weeks as we were told about few more rate hikes in the following year. entered in small amount, if Monday will be green, I'll add.
RSI is overbought, MACD seems like it reached it's peak, and today candle touched the resistance line. If you have traded by my last idea for NGAS you made nice profit from it. Now it's time to profit from it's correction.
Wait for the first signal of support to go long from here
I'm not entering at this point as it might test back the trend line. If it will not fall from 3.00, OR if it will test the trend line but find support on it (which I prefer) I suggest going long.
IF IT DOESN'T BREAK 1305 I WOULD RECOMMEND ENTERING SHORT HERE. IF IT BREAKS ABOVE, IT WILL GET TO NEW HIGH AND WE MIGHT CONSIDER LONG
As you can see in the chart, today it wasn't able to cross the resistance. If today's closing will not cross the 43.20 zone, it's a sign that usoil is still in it's downtrend.
I do think the oil is bullish these days' although I think it needs some correction before it can continue it's trend line. so today it is going down, for the next week, it will be bullish.
XAUUSD is going to lift itself upward until 1360-1366 levels, after then it might correct back to 1275 levels but it's hard to predict such a long time.
I can't say for sure that the trend line in GOLD right now is bullish, although I CAN say that in the short term- day or two it's definitely going to correct itself
I believe LABU is at great support zone, soon we'll see it getting to 0.236 resistance zone, which will be 30.86