GOLD - Daily - Coming to an interesting point.
So... Gold...
I will really stay neutral/bearish on this right now. I will explain.
We are getting close to that strong trend line, that started around the beginning of February of this year. The second sell-off this year around end of March, actually created that point, where we connect the two lows, which creates that trend line. Till today, it seems like it has been coming back to that trend line and testing it. Once, it managed to close below it (July 2017), but then quickly got back above it. I think we might get a similar scenario again.
It will reach that upward trend line and that's no doubt about it. The question here is, will it try to re-test that big downward trend line from the upper side? I am talking about the trend line that started in 2016. It would be really interesting to see that.
Like I said, for this little short period I am neutral/bearish, but only until it touches the upward trend line. Then, we will have re-assess everything again.
Till then... keep an eye on the price action!
I will really stay neutral/bearish on this right now. I will explain.
We are getting close to that strong trend line, that started around the beginning of February of this year. The second sell-off this year around end of March, actually created that point, where we connect the two lows, which creates that trend line. Till today, it seems like it has been coming back to that trend line and testing it. Once, it managed to close below it (July 2017), but then quickly got back above it. I think we might get a similar scenario again.
It will reach that upward trend line and that's no doubt about it. The question here is, will it try to re-test that big downward trend line from the upper side? I am talking about the trend line that started in 2016. It would be really interesting to see that.
Like I said, for this little short period I am neutral/bearish, but only until it touches the upward trend line. Then, we will have re-assess everything again.
Till then... keep an eye on the price action!