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Gold's Intermediate Trend Line Tested

Published 05/04/2017, 06:09 AM
Updated 07/09/2023, 06:31 AM

Remember when I warned that gold would likely tag the intermediate trend line before the daily cycle bottomed? This area is a potential spot for a short term bottom, but I wouldn't be trying to trade from the long side just now.

Third daily cycles are dangerous. The safer trade is to let a bounce happen, then sell short. Or just remain on the sidelines.Gold Daily

Latest comments

You were spot on. XAU breached 1238 all the way down to 1232. What's a good level to short again? 1242? 47?
I'd think Gary cashed out DUST last night or will today in hopes of buying back at discount- could be just holding till sub-1184. I think retrace will be to at least 1247, so 1247 is shorting zone just like 1282-1292 was shorting zone last time
Even if one day short missed, it will be confirmation and next leg down will be sharper and more violent. Gdxj already close to December lows but GDX has further to fall towards $18.5 support
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