Gold may have found a floor today as both MFI and RSI indicators have bounce out oversold territory. Looking at the 4H chart, the MFI and RSI indicators have been a consistent indicator this year of telling when gold bottoms.
I have started entering into gold again but I will be trading with caution as the range is small and I am looking to liquidate my positions once we reach around 1950 range. There is a wedge pattern forming and it could be bullish but it will need momentum and volume to break out past 1950.
Forewarn, Dollar is still going strong and bonds are starting to look attractive so gold may continue to get pummeled. Gold and silver will need the dollar to come down for the two metals to start rising again.
I have started entering into gold again but I will be trading with caution as the range is small and I am looking to liquidate my positions once we reach around 1950 range. There is a wedge pattern forming and it could be bullish but it will need momentum and volume to break out past 1950.
Forewarn, Dollar is still going strong and bonds are starting to look attractive so gold may continue to get pummeled. Gold and silver will need the dollar to come down for the two metals to start rising again.