What To Expect Next For Gold?

If you followed my previous posts, you are certainly loving the profits that came forth. The gold did break through, and dare I say, it is now going to rebound back up for a retest.

The chart above has nothing new added to it. The reason I am sharing this is to show you the trendline resistance that I had already drawn in my earlier charts. The trendline acted as a force to be reckoned with, and the lower highs were all but indicative of a collapse. This tied in nicely with the recent reports that came out. Now, we come to address the elephant in the room.

"What on earth should we expect next?"

So far, it seems like the buyers and sellers are in a bit of indecision about whether to move up or down. The next few hours will play a critical role. It is possible that we may see Gold rise back up to retest its lost ground. Refer to my earlier post Gold - The bigger picture where I have highlighted the overall scenario. For now, I would suggest refraining from trading Gold. If you have the power to hold your ground, I would suggest going long.

Best of luck, and remember, trading is risky, but the rewards are well worth it.