Gold saw a lower move last week, down -1.27% as U.S. and European markets saw new highs off a few positive responses out of Washington, Beijing, and Brussels. Markets moved to a risk-on position, creating a stagnant tune for Gold.
Gold still continues to consolidate within the $1,550 to $1,500 range as it faded off of the former. We believe with a risk-on market we can begin to see longer correction structures on Gold until we have a catalyst to drive market sentiment change.
We are still within a long-standing uptrend from May of this year. However, Gold begins testing and failing in the consolidation since late August. We believe this is a confident sign that we can see an impulsive move to the downside of $1,400.00
THE PLAY: Break and close below $1,485 we will sell.
Gold still continues to consolidate within the $1,550 to $1,500 range as it faded off of the former. We believe with a risk-on market we can begin to see longer correction structures on Gold until we have a catalyst to drive market sentiment change.
We are still within a long-standing uptrend from May of this year. However, Gold begins testing and failing in the consolidation since late August. We believe this is a confident sign that we can see an impulsive move to the downside of $1,400.00
THE PLAY: Break and close below $1,485 we will sell.