Outlook on Gold

Items to note –

  1. Very basic rounded top forming (yellow circle)
  2. Three failed attempts to stay above $1400.00 (top red line)
  3. Break and retest of rising trendline (purple line)
  4. Room to run down before minor support @ 1330ish (middle red line) and then major support @  1260  (lower red line)

However, Gold has defied all odds and all major “Top” calls.  I am short Gold, but I am also being cautious and using only 1/2 a position with an order for the other 1/2 @ 1400.

What ever you decide to do, be careful.

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