Gold Weekly Analysis - Still bearish...but...
So on the weekly chart, gold's pretty solidly bearish and has been since 2013.
However, here are a few things that raise my alarm bells, at least until 1128 breaks to the downside:
- ADX has been dropping and losing steam for a while now. In short, momentum's not really all that strong. The somewhat ranging market is another sign of lack of trending momentum.
- No new low in a couple of week now. 1128 is holding for now.
If we break to the downside, I'm expecting gold to at least get close to 1000.
If 1300 breaks to the upside, gold could make another run at 1500. Something like delaying the interest rate hike would probably do it.
Probably still focusing on shorts for now, but wouldn't exactly have my mind blown if we got another bullish run for a bit.
However, here are a few things that raise my alarm bells, at least until 1128 breaks to the downside:
- ADX has been dropping and losing steam for a while now. In short, momentum's not really all that strong. The somewhat ranging market is another sign of lack of trending momentum.
- No new low in a couple of week now. 1128 is holding for now.
If we break to the downside, I'm expecting gold to at least get close to 1000.
If 1300 breaks to the upside, gold could make another run at 1500. Something like delaying the interest rate hike would probably do it.
Probably still focusing on shorts for now, but wouldn't exactly have my mind blown if we got another bullish run for a bit.
