Golden opportunity in a pullback
Gold GC1! weekly chart is showing a rejection about the triangle resistance, as it ended the week slightly positive, but in a gravestone doji-like candlestick.
MACD is pulling back as well.
The Non-Commercial Net Interest (bottom panel, orange line) is rejected at the resistance and staying within a triangle. Watch it for the possible breakdown in the weeks to come.
The Top8 Traders Net interest is slightly more net short than a week ago, turning lower to continue the downtrend. Watch this as well.
Overall, this chart suggest downside risks, or a consolidation at best.
MACD is pulling back as well.
The Non-Commercial Net Interest (bottom panel, orange line) is rejected at the resistance and staying within a triangle. Watch it for the possible breakdown in the weeks to come.
The Top8 Traders Net interest is slightly more net short than a week ago, turning lower to continue the downtrend. Watch this as well.
Overall, this chart suggest downside risks, or a consolidation at best.
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