Is Gold running out of steam here? There are a series of down sloping reaction lines approaching.- some of which i attach great importance to. I know that today is a US holiday but since the USA is not the leading cash market for gold (and although the USA futures are shut today) i would venture that we may BE TOPPING OUT HERE. We still have seen only very slight retracements from this move...none over .382 and yes this is a bullish sign but all the time we are seeing the possibility of this trend being/beconing exhausted.
I think that there is a high probability that we are on the edge of a retracement tomorrow when US mkts reopen and have taken stock. We still see a nasty/unhealthy correlation with other markets/assets which i thought Gold was begining to loose. I am still short BUT i am prepared to be wrong and a convincing break ( daily close) over 1670 would have me converted. ... but make no mistake this is a crucial level and a failure here would mean the green shoots of recovery are over and we still have more turmoil ahead or if we make it through here I am only too happy to look for a long position on the way up.....But it's not over till the fat lady sings!
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