Hi Guys,
Finally gold touches the upper trend line yesterday... Thanks to poor US data, gold topped at 1504 level as expected... This level is crucial, would expect gold to rebound to 1480 or lower if we see a clear rejection at current level... Since yesterday, seems like bull got rejected and in order to break up, another fresh kick is needed... To the downside however, got a few key points that call for it... An overbought condition, a rally upward for three consecutive days, topped out trend line, within major downtrend might just helps in pushing gold downwards... Somehow, another push upward is still possible if gold break the trend line above 1504...
My personal bias is still SHORT... Swinging my short position with target as low as 1460...
Finally gold touches the upper trend line yesterday... Thanks to poor US data, gold topped at 1504 level as expected... This level is crucial, would expect gold to rebound to 1480 or lower if we see a clear rejection at current level... Since yesterday, seems like bull got rejected and in order to break up, another fresh kick is needed... To the downside however, got a few key points that call for it... An overbought condition, a rally upward for three consecutive days, topped out trend line, within major downtrend might just helps in pushing gold downwards... Somehow, another push upward is still possible if gold break the trend line above 1504...
My personal bias is still SHORT... Swinging my short position with target as low as 1460...