Gold is clearly doing a channel down to get rid of the unhealthy belly it has accumulated during the past few years (especially during the lockdown). Do not expect a reversal soon. There are no indicators of a price reversal yet.
Instead of battling the Bear, ride the channel down. Buy when it touches lower bound and sell when the price bounces back. Do not hold long positions too long. Do not hold short positions too long either.
Ride the channel in short term, when gold indicates a clear reversal pattern start going long.
Gold loves retests, so avoid taking long positions because of FOMO. You will always get a second chance.
This is a note to myself. Published as an idea, not as advice to anybody.
Instead of battling the Bear, ride the channel down. Buy when it touches lower bound and sell when the price bounces back. Do not hold long positions too long. Do not hold short positions too long either.
Ride the channel in short term, when gold indicates a clear reversal pattern start going long.
Gold loves retests, so avoid taking long positions because of FOMO. You will always get a second chance.
This is a note to myself. Published as an idea, not as advice to anybody.
Comment:
Gold shows signs of a short term bullish trend within the channel.
