Gold Expected to Catch Bids
Gold has just pushed down into our 1750 target area from the earlier post.
Now we do expect to see some accumulation at this area before a mark up higher to our longterm projections.
Wait and see how the accumulation phase plays out before trying to get in long, especially after the strong sell off we just experienced.
- Price pushed back into our 1700 - 1800 zone where we expected to see some buying pressure after a nice mark down.
- Flag pattern with 3 tops and 3 bottoms, expect this to break to the upside if we get a bounce off the this bottom support area.
- Trend RSI has retraced back into the 50% area, wait to see if it begins to turn back up indicating trend is still in the green and upside will prevail.
Now we do expect to see some accumulation at this area before a mark up higher to our longterm projections.
Wait and see how the accumulation phase plays out before trying to get in long, especially after the strong sell off we just experienced.
- Price pushed back into our 1700 - 1800 zone where we expected to see some buying pressure after a nice mark down.
- Flag pattern with 3 tops and 3 bottoms, expect this to break to the upside if we get a bounce off the this bottom support area.
- Trend RSI has retraced back into the 50% area, wait to see if it begins to turn back up indicating trend is still in the green and upside will prevail.
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