After last evenings plummeting reversal, traders seem to be cautious buying. Resulting in a slow, non dynamic movement of trade. In my opinion, trading very SHORT is key until confidence in senior trading is resumed. However another reversal seems imminent.
I would say that the next reversal should plummet Bearish to 1345 - 1300 over next few of days.
Strong signals to go LONG are in evidence....However, watch what the Dollar is doing and daily reporting. Gold is looking favourable for good investment from early 2018.
This is not an advisory statement, but an individual opinion of events in my own understanding .
Given that we have seen Gold oversold. the US Dollar weak and potentially strengthening, Gold may drop to around 1300. However, it may rebound Bullish again as its price increases in the beginning of 2018. Potentially to the 1330 mark. Going 'SHORT' for now, but 'LONG' after the next drop to around 1300...???
Whilst the dollar is weak presently, a downward trend may initiate, but it may rebound upward after stocks equalise against current requirements as overbuying may have created initial volatility....
