A lot has happened since I published my "Gold is in a monthly downtrend chart, but nothing has changed.
The downtrend is still viable, and we've recently had a very strong range expansion down bar into new lows.
The targets are good for both time and price levels.
I'll look to trade the retracement that will probably occur now as a short term long, to then close and go short as long as the surge ends below 1279.99. Above 1169 the short would be in question, making it more painful and potentially dangerous.
Entry below 1169.31 would be ideal, I'll update the chart once I enter using the weekly.
Good luck,
Ivan.
The downtrend is still viable, and we've recently had a very strong range expansion down bar into new lows.
The targets are good for both time and price levels.
I'll look to trade the retracement that will probably occur now as a short term long, to then close and go short as long as the surge ends below 1279.99. Above 1169 the short would be in question, making it more painful and potentially dangerous.
Entry below 1169.31 would be ideal, I'll update the chart once I enter using the weekly.
Good luck,
Ivan.
