For the last couple of months gold's been trading in a range frustating for both the longs and the shorts with no real movement in either way. Yet the bears seem to be winning this fight for now. Gold
is still following it's downward channel
even though it broke it's median line
but didn't stay above it for long. Ideally I'd like for gold
go down to about 1190 to flush out the entrenched longs maybe even reach 1130. Once the longs have been flushed sentiment will be ultra bearish
that's when new long positions should be opened.