Gold on Correction

It has been 17 weeks since gold has broken the 6 W MAV and now has crossed beneath.

Price action on a weekly basis over the last 3 weeks has been decidedly bearish , and I am considering
a mean reversion towards the 20 W MAV.

I see this as a short term role reversal as the bears take control of price action over the next few weeks.

A short entry is considered at

1. 50% retrace of last weekly candle at 1505.

2. Target - 20 W MAV

3. Stop - above the present weekly candle high.

Risk Reward = 4 +


NB - watch for price action around 20 W MAV , any break here see's 1350 as strong support.