Gold has now formed an downtrend channel. Pattern is now clear.
Already retested the upper band, creating a fake break. Now we expect price to drop at weekly support.
Banks already closing some long and short positions, now we might see the building of their shorts. 10k shorts were closed , this week we can see also big volume of longs closing, by the big move down.
We are short for some time on Gold, however on this pullback we will add more short positions. First target is lower band of channel, price 1525. On the shorter term 1540 is also a good closing pivot point.
In our view, the fear of a recession is still valid. Dollar growing together with gold, indices at all time highs. Be prudent with the shorts on Gold, under Trump's presidency Gold will be still bullish.
Already retested the upper band, creating a fake break. Now we expect price to drop at weekly support.
Banks already closing some long and short positions, now we might see the building of their shorts. 10k shorts were closed , this week we can see also big volume of longs closing, by the big move down.
We are short for some time on Gold, however on this pullback we will add more short positions. First target is lower band of channel, price 1525. On the shorter term 1540 is also a good closing pivot point.
In our view, the fear of a recession is still valid. Dollar growing together with gold, indices at all time highs. Be prudent with the shorts on Gold, under Trump's presidency Gold will be still bullish.