Gold- Time for correction?
In my yesterday's comment I said that Gold could rise above 1800 and, indeed, the price spiked up. However, bulls were unable to keep the price elevated and the market closed with the price under this important figure.
From a technical point of view, the rise since the beginning of August is in a rising wedge and the support of this pattern is now broken down.
A correction could follow from this point on and, in my opinion, rallies should be sold.
I'm bearish on Gold as long as yesterday's high is intact.
From a technical point of view, the rise since the beginning of August is in a rising wedge and the support of this pattern is now broken down.
A correction could follow from this point on and, in my opinion, rallies should be sold.
I'm bearish on Gold as long as yesterday's high is intact.
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