I think that it is a brilliant day for gold. The lower shadow of the candlestick shows that bears didn’t manage to stick gold to today’s low. We are now stuck between 7MA and 20 MA. Technical indicators are still all right but not improving any more.
If i was bearish, i would short sell gold when it throws back on 7ma. Stop loss if close above 7MA. Target would be 20MA
If a was bullish, i would buy gold in case it pulls back on 20MA. Stop loss if close below 20MA. Target is the upper side of the orange andrews pitchfork.
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