Gold: previous comment warning on downside risk
Following a strong run, the candle structure reflects indecision. This is denoted by the development of 'doji' candle formations for the past two sessions.
The price is extended vs it's rising 21-ema and rising 50-ema.
The short term trend is steep, with the price extended well above the incline which extends back to low of 06 october.
While the upward trend is very strong, momentum may be vulnerable to a slowdown, with the 7-day rsi printing lower highs while the price is printing higher highs.
Gold: updated comment
It traded into the re-entry sell range, with a strong rejection, breaking below the 8 & 21-day ema.
Following a strong run, the candle structure reflects indecision. This is denoted by the development of 'doji' candle formations for the past two sessions.
The price is extended vs it's rising 21-ema and rising 50-ema.
The short term trend is steep, with the price extended well above the incline which extends back to low of 06 october.
While the upward trend is very strong, momentum may be vulnerable to a slowdown, with the 7-day rsi printing lower highs while the price is printing higher highs.
Gold: updated comment
It traded into the re-entry sell range, with a strong rejection, breaking below the 8 & 21-day ema.