GOLD Still in an Uptrend

Gold is is an uptrend channel. Possible that Minute wave IV is over.

We had strong resistance in the 1320-23 area (38.2% pullback) .

Usually gold is weak before a FOMC meeting (Dunno why ?) ... Commercials still Net Shorts ...

Gold can rise with Commercials Net Shorts if you look at this chart from 2007-2017

s26.postimg.org/95i8fl5k9/COT_Report_2007-2017.jpg

So it is possible that gold retrace in the 1313 area (50% pullback) .

Strong resistance in the 1295-1300 area.

Invalidation at 1293

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