Gold has risen sharply the last few weeks, and yesterday it targeted the upper limit (at about $1260) of the Bear channel as shown. At the same time S&P500 did not break below 1800. If S&P500 rallies from here then it is likely - in my view - that gold will stay within its bearish channel for the coming weeks, and might fall down to 1000-1140 depending on how much S&P500 rallies. I'm bearish on gold for now, but would love to see it fall down below 1100 for a good buying opportunity.
As I'm writing this, there is a Hanging Man candlestick appearing (bearish). Keep a close eye on the closing price for today.
As I'm writing this, there is a Hanging Man candlestick appearing (bearish). Keep a close eye on the closing price for today.