We can see a descending channel in play, which can break up anytime and hence use of stop at $1656 is important. We are forming lower highs , i see this pattern to continue max up to $1612. This is possibly going down as between DXY and GOLD being option for safe haven, dollar can still win as long as rate cuts are not called for
Regardless i still thing GOLD is in uptrend and would come back stronger but at this point it need to shake off weak hands and go for some extensive range bound moves, i would keep on covering with longs as well if we get sharp drops to $1590 area
Regardless i still thing GOLD is in uptrend and would come back stronger but at this point it need to shake off weak hands and go for some extensive range bound moves, i would keep on covering with longs as well if we get sharp drops to $1590 area
