GOLD To Break up or down? History tells us down.
Quick analysis for a friend. A daily close above the blue line would be bullish. A daily close below the red line would be bearish. History shows a similar pattern that went bearish. I wouldn't open a position until there is a close above one of those lines. If the RSI drops below 30 I wouldn't take a short position. If the RSI manages to work it's way down into the low 30s AND there is a daily close above 1375 that would be extremely bullish. Keep an eye on the DXY and geopolitical issues that could affect the dollar, as gold like many commodities have an inverse relationship to the DXY.
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