Gold bounced off of the support area for now
Light volume during recent bounce indicates this is a retracement in the downtrend
--> I threw in some Fibs to indicate where overhead resistance lies.
Resistance at:
- 7 day MA (currently there); a break would suggest the 20 day MA or the 38% FIb as target (1240ish)
- 23% Fib at 1224, 38% Fib at 1240
Overall: the lack of volume on the bounce indicates the lows might be tested again as the downtrend is still prevailing.
Took advantage of the break the last 5 days, but covering my short puts now
I dont have any sells signals yet, hence I am not doing anything until I see some
Light volume during recent bounce indicates this is a retracement in the downtrend
--> I threw in some Fibs to indicate where overhead resistance lies.
Resistance at:
- 7 day MA (currently there); a break would suggest the 20 day MA or the 38% FIb as target (1240ish)
- 23% Fib at 1224, 38% Fib at 1240
Overall: the lack of volume on the bounce indicates the lows might be tested again as the downtrend is still prevailing.
Took advantage of the break the last 5 days, but covering my short puts now
I dont have any sells signals yet, hence I am not doing anything until I see some
