Short Gold near 1300 level (Resistance) - Short term
Gold has broken last year's high and made a higher high in July 2016 and confirmed that a new uptrend is in the making. Since then, it has been in corrective mode.
Volume Aspect
When price broke out of the multi-years wedge pattern and goes up, volume also increases.
When price pulls back, volume slows down.
So rising price with rising volume validates the uptrend.
I'm only interested in shorting gold for now (short-term) until November/December and expect a new higher low near 1200 level before the next big move.
Seasonal tendencies in Gold - Lows in Gold is in November/December for the last 3 years (2013, 2014 & 2015)
Thank you & Safe trading!!
Volume Aspect
When price broke out of the multi-years wedge pattern and goes up, volume also increases.
When price pulls back, volume slows down.
So rising price with rising volume validates the uptrend.
I'm only interested in shorting gold for now (short-term) until November/December and expect a new higher low near 1200 level before the next big move.
Seasonal tendencies in Gold - Lows in Gold is in November/December for the last 3 years (2013, 2014 & 2015)
Thank you & Safe trading!!
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