Gold is attempting to save itself. Will it? Forex Gold
That being said, you need to see some type of exhaustion candle in order to start shorting. On the other hand, we could just simply turn around and break down through the bottom of the candlestick from the Friday session. If that happens, then it’s likely that we continue to see a gold selloff. In that environment, and I do believe that’s the environment we will find ourselves in, it’s likely that we go down to the $1500 level over the longer term.
Nonetheless, both the US dollar and the gold selling pressure should continue going forward, as we should see a lot of momentum continuing.On the upside, the $1720 level should be a bit of a barrier, right along with the 50-DayRegardless, you need to keep an eye on not only the US dollar but perhaps more importantly the US bond markets, because if interest rates continue to climb, that will be another sign that you could see even more downward pressure on precious metals.
Regardless, I don’t have any interest in trying to fight this market, and you can see that the potential double bottom that I marked on the chart has now been blown through. It is probably worth recognizing that the $1680 level that had marked the potential support goes back as being important for the last several years. With that in mind, it’s a serious breach of, and these typically do not happen in a vacuum. Because of this, I am looking to short this market until something fundamentally changes. Any rally at this point in time that show signs of exhaustion should be thought of as a potential opportunity.
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