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.
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.
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