Gold Moves Sideways in OverBought Territory
Although Gold mostly moved sideways today, closing up 3 points on the day. As price moved up in late afternoon trading, I did enter a short position for the following reasons:
As gold continues to sell off after hours, I will be watching price reaction at the 7 day moving average at 1283.40. If price breaks through that level, I'll be looking for a continued move down to 1261.60, the mid point on the Bollinger Bands.
Baring an unexpected sell-off, it'll take another couple of days for the Heikin-Ashi candles to turn red.
- 1. Price has stalled well into the overbought upper Bollinger Band territory
- 2. Friday's shooting star followed by Monday's doji indicate to me that the upward momentum is waning
- 3. Tuesday's candle stopped right at the upper Bollinger Band but not above it.
- 4. haDelta daily indicator has been red for 2 days
As gold continues to sell off after hours, I will be watching price reaction at the 7 day moving average at 1283.40. If price breaks through that level, I'll be looking for a continued move down to 1261.60, the mid point on the Bollinger Bands.
Baring an unexpected sell-off, it'll take another couple of days for the Heikin-Ashi candles to turn red.
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