No more shine

8 thg 1, 2021

I did a post outlining my perspective on gold earlier this week but todays price action has changed the game. Gold started of the week on a positive note holding above the weekly range around 1910 (rectangle) but within the past couple of days it has sold off and now looks to be breakout out on the downside. The monthly rate of change has now also turned negative. If we see any strength next week back into the range area I am a seller with a stop above the high of today. If todays price action was any indication of the future we could see the late November lows (1767) be tested. I don't use fundamental analysis to make any trades but interests rates rising and any dollar strength could also be a headwind for the yellow metal