Gold - 200-Day SMA starting to 'slope' down; Also watch USD
- A follow-up to my comment in the research report (31/05-04/06).
Gold: 200-Day SMA starting to 'slope' down.
1. The commodity traded from a double bottom at end-March at $1680.
2. Traded at +$1900 in recent sessions.
3. Outside of linear regression channel.
4. Testing prior medium term support/resistance areas.
NOT a strong short/sell but from an entry perspective, the short term reward-to-risk does not appear attractive around these levels.
Also, watch the USD as it starts to firm up again (possible double bottom).
Gold: 200-Day SMA starting to 'slope' down.
1. The commodity traded from a double bottom at end-March at $1680.
2. Traded at +$1900 in recent sessions.
3. Outside of linear regression channel.
4. Testing prior medium term support/resistance areas.
NOT a strong short/sell but from an entry perspective, the short term reward-to-risk does not appear attractive around these levels.
Also, watch the USD as it starts to firm up again (possible double bottom).
