Gold looks ready for a shallow retracement

30 ก.ค. 2020

The Gold chart shows a magnificent bull rally recently, and it stopped short just before 2000. The candlesticks indicate a possible stall, albeit temporary. The MACD is similarly pointing to a stall of sorts too. Given that Gold likes to rally hard and stall, it is likely to be retracing to about 1920-1940 area, before a last attempt to 2000 (or Intraday pop to 2000 for an anticipated double top).

System buy signal was triggered at1640 previously and it has been a good run. Real entry was upon triangle breakout marked by the white arrow. And previously projected movement plotted by the orange arrows, which clearly appear to be underestimating the extent of the rally.

Watch that Gap...