Profit taking from Gold rally down to $1813.45
What a rally on Gold we've had this month. We managed to capture 1,400 pips to the upside, although I did end up giving back 350 pips being early on the short position! Is what it is.
Next week we will get a slight push up to around $1820-1825 this will create the 3rd touch of the Daily structure and the last touch of the 4HR Ascending-Channel. So we have a larger reversal structure and inside of this is a 4HR smaller reversal structure adding more conformation to the short position with the RSI showing overbought conditions on all time frames to support this.
But isn't this looking Bullish? Correct it is. This is merely capturing profit from the profit taking before we place our new long position to capture the new highs. If price was not still in a corrective cycle and price made an impulse out of the daily structure and created a Bull-Flag or another continuation structure I would be looking at long positions but we are still in a corrective market even though the price action has been bullish.
Next week we will get a slight push up to around $1820-1825 this will create the 3rd touch of the Daily structure and the last touch of the 4HR Ascending-Channel. So we have a larger reversal structure and inside of this is a 4HR smaller reversal structure adding more conformation to the short position with the RSI showing overbought conditions on all time frames to support this.
But isn't this looking Bullish? Correct it is. This is merely capturing profit from the profit taking before we place our new long position to capture the new highs. If price was not still in a corrective cycle and price made an impulse out of the daily structure and created a Bull-Flag or another continuation structure I would be looking at long positions but we are still in a corrective market even though the price action has been bullish.
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