Loading ...Gold’s moment of Truth
Gold’s double bottom must hold and price must close back above the confluence of resistance at the 10ma and 50ma to regain a more bullish posture that a lasting 6-month Intermediate Cycle Low (ICL) has formed.
#Gold approaching its moment of truth today and is testing its 10ma from below. A close above the confluence of resistance at the 10ma & 50ma would be a bullish signal. Failure to overcome this resistance will lead to lower lows. #Silver #GDX #GDXJ #SILJ #NUGT #JNUG #DUST #JDST pic.twitter.com/2NPquFDqAQ
— Surf City (@SurfCity_Cycles) November 13, 2020
We need a weekly swing low on $gold. We have not had one since the correction started 14 weeks ago (the last swing low was made in June!). This week’s outside reversal leaves those wishing to get long in no man’s land.
Still, it would be prudent to wait for a swing low. While you may be buying above $1960 in the event this week’s low is not taken out, there is a real risk gold drops into the $1765 area before this is over.
I agree and the earliest we can see a weekly swing low is next week. Still, a close above the 10ma & 50ma would be the next constructive step.
Yes, thin ice it appears to be on. I am watching and side with the view it breaks down then that will be the entry point. Looking for your best guess to identify this point