Gold at the top of its descending channel
Gild is sitting at the top of its descending channel.
Perfect opportunity to short.
Uncertainty amongst investors with rate hikes and inflation. By the looks of the gold chart, investors are securing funds in their pockets rather than in uncertain markets.
Profits have been banked at much higher prices on gold and those that held on are slowly banking profits with the small rallies.
Together with this the buys around current prices are either being stopped out or closing up at break even.
A serious change in trend is needed to reassure gold investments.
We could only see this change in the new year.
Perfect opportunity to short.
Uncertainty amongst investors with rate hikes and inflation. By the looks of the gold chart, investors are securing funds in their pockets rather than in uncertain markets.
Profits have been banked at much higher prices on gold and those that held on are slowly banking profits with the small rallies.
Together with this the buys around current prices are either being stopped out or closing up at break even.
A serious change in trend is needed to reassure gold investments.
We could only see this change in the new year.