I think it might be safe to sell soon (temporarily, at least)

9 thg 7

If we look to the left, gold would have completely reversed the move it created last week Friday for NFP. Thus gold has now gone somewhat bearish which means sellers are interested.

If you look at the area circled (in purple) there would have been sellers interested at that level.

Gold literally just took out that area.



Any sellers who had sold around the circled area would have likely had stops above that level and now would be no more.

HOWEVER,



The reason I said it may be safe to sell (SOON) is because of this, the fact that price is coming back up again, if it were safe to sell, it wouldn't be coming back up to give traders a better opportunity to sell.

Due to this I'd be extra careful of selling OR buying at this time.