Gold dump! What Gold dump?!
While the further decline of the gold price seems to be unstoppable, the bulls are already scratching their hooves.
Today's trading showed that the sellers are pushing a lot of volume into the market to make sure that no buyer is left alive - only to initiate a reversal towards USD 1,950 as soon as possible.
Please note that this is a setup for a position trade.
On shorter time frames, there may be other setups with better RRR.
The basic message of my analysis is that the gold price will not fall significantly below the 1.845 area.
Rather, we can expect the price to move towards the 1.950 level from now on.
Today's trading showed that the sellers are pushing a lot of volume into the market to make sure that no buyer is left alive - only to initiate a reversal towards USD 1,950 as soon as possible.
Please note that this is a setup for a position trade.
On shorter time frames, there may be other setups with better RRR.
The basic message of my analysis is that the gold price will not fall significantly below the 1.845 area.
Rather, we can expect the price to move towards the 1.950 level from now on.
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