Gold is approximately 30 points off this years high. The trend gold has followed this year involves a push for the top then corrections down to the 1200-1220 range.
Dashed lines represent entry signals. For this chart I did not include any short opportunities even though they do exist. Unfortunately this system only picked up on one bearish trend (early may). This is not a big deal as the trending direction is up therefore short side moves are aggressive and fast. On shorter time frames this system does in fact pick up on those moves. I have tested this on SPX during a ranging period from march-may this year.
I would appreciate any macro perspective for gold.
Dashed lines represent entry signals. For this chart I did not include any short opportunities even though they do exist. Unfortunately this system only picked up on one bearish trend (early may). This is not a big deal as the trending direction is up therefore short side moves are aggressive and fast. On shorter time frames this system does in fact pick up on those moves. I have tested this on SPX during a ranging period from march-may this year.
I would appreciate any macro perspective for gold.