The chart is influenced by News and some fundementals which make Gold want to go up however this trend is now heavy and may become Bearish soon. The trend is showing signs of weakness since the 9 EMA is starting to crumble towards the 20 EMA, and it may possibly like a clock head towards the 50 EMA and eventually the 200 EMA on the 1 Hour Chart. I am focusing on Shorting as long as the charts stay below 1800.00 Price.
Comment:
Chart has reached near 50 EMA on the 1 Hour chart. Chart may bounce of the 50 EMA for retraement possibly forming a head and shoulders. If the chart passes the 50 EMA it will then possibly continue to the 200 EMA on the 1 Hour chart.
Comment:
Chart has now reached the 50 EMA. Standing by for either bounce for retracement and continuation or continuation to the 200 EMA on 1 hour chart.
Comment:
Chart has passed 50 EMA now increasing the probability of chart headed down to the 200 EMA.. Still Shorting.
Comment:
Retracement to possible head and shoulder pattern has begun.
Comment:
Chart seems to be headed to the 200 EMA on the 1 hour Chart.
Comment:
Closed Short position since chart is near 200 EMA on 1 hour chart.
Comment:
Chart has reached the 200 EMA on 1 hour chart.