Near term Gold Short

16 ביולי 2020

Gold has reached the peak of a rising, bearish wedge formation. It has also hit (and slightly) surpassed an important pivot area (resistance). It so happens that the dollar index just hit the bottom of a wedge formation and will likely see a near term bump. The confluence of these indicators/events leads me to believe that gold will temporarily come off of its recent highs and move back to center (towards the green trend line). Stop right above the recent high. After a pullback, a continuation of the upward trend makes sense.