Gold stalled out, markets risk-on, flirting with edge of range
With the markets going increasingly risk-on, any bullish price movement in gold is suspect.
So far this year it's had a strong rally out of that accumulation zone, but soon we should see whether it was a simple fakeout or a continuation move to new highs.
Gold is still at risk of giving back all gains received in Q3 2018 if he fails this range completely.
Right now we have a simple "bear flag within bull flag" structure that may want to suck in some buyers around the 1490 level and potentially all the way up until 1500 (would certainly generate media attention).
Not rushing into a short position just yet but some good opportunities could be around the corner
So far this year it's had a strong rally out of that accumulation zone, but soon we should see whether it was a simple fakeout or a continuation move to new highs.
Gold is still at risk of giving back all gains received in Q3 2018 if he fails this range completely.
Right now we have a simple "bear flag within bull flag" structure that may want to suck in some buyers around the 1490 level and potentially all the way up until 1500 (would certainly generate media attention).
Not rushing into a short position just yet but some good opportunities could be around the corner