@monitorr, the Friday doji formed a hanging man candlestick in an long uptrend this often signals exhaustion and profit taking. The second signal is 14d RSI, which I circled in yellow. When RSI crosses 70 mark it suggests that the market is overbought and is due to turn in the opposite direction
@jamaldwayne, yes I see. I know that markets can run overbought for some time but perhaps with the hanging man so similar top the other example you show it must be a correction. When do you think this will be likely? Perhaps next day or two? Do you think it will bounce on the first level of support or go as far as 1299. Perhaps its just a healthy retrace?
@monitorr, I’m expecting to see the confirmation on Monday. I’m also carefully watching the Dollar Index, which is what’s been supporting Gold price last year. If Dollar bounces back from recent lows, it will be another indicator to short Gold. I think the market recently oversold Dollar and overbought Gold. If the QE unwind and TAX reform starts to fuel inflation later in the year, this will send Dollar up and Gold down. I think a retrace to 1299 is very real.
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