GOLD: Technical correction upside
MArkets are waiting for the statements of Both FED's Chief Yellen and ECB President Draghi.
There has been a move on the upside, but the market is still in a correction phase. Therefore when CAC40, DAX, DJI, SP500 will face the second correction phase GOLD will also face a correction but this time on the upside. This is a technical correction because the precious metal is oversold. But yet there is no reversal of the trend.
You can see on the time based Fib retracement that the goal is to reach at least 1180 before entering long on the market.
There has been a move on the upside, but the market is still in a correction phase. Therefore when CAC40, DAX, DJI, SP500 will face the second correction phase GOLD will also face a correction but this time on the upside. This is a technical correction because the precious metal is oversold. But yet there is no reversal of the trend.
You can see on the time based Fib retracement that the goal is to reach at least 1180 before entering long on the market.
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