Gold in a Retracement

21 Okt 2023

Gold bulls will get their chance to prove whether or not we bull, not above 2,000 but in the 1893-1937 level in futures. Why? Bull markets are made in the holding the retracement. We did break the Daily short, exceeding the 61.8% line of the Daily Short. Usually, when that happens, it's profit taking that will bring the market back. Doesn't mean we can't break into new highs, just much tougher. Friday was a good example of it, with an aggressive downside after we hit highs. I will be looking for intraday short setups and for daily price action to bring us back 50-70 bucks in gold.