Gold Falters Amid Profit Taking at Over Bought Levels

Gold closed flat on the day after pushing up into the 2 to 3 Std Dev Bollinger Bands. The low of the day was at the .618 Fib level. The daily haDelta also turned red today (top indicator) although the weekly haDelta remains bullish (middle indicator). So while it is clear that Gold is over bought, there is no confirmation yet that the uptrend is over. I will be watching to see the reaction at the 1277 level which is where both the 7 day moving average and the upper Keltner Channels are.
The Heikin Ashi candles remain bullish, both on the daily and weekly charts. This tells me that we are still in a buy the dip mode.



Disclaimer: This post is for educational purposes only. Trading is at your own risk.