Gold is breaking through this rising trendline lower. Weakness in the next couple of days to be expected. But I am a LT bull therefore this could be the last dip before ripping higher. Let's see..
I think the move higher is due. First stop 1500 eur, next 2200...
Bounce from 200dMA, fits my bullish stock thesis.
Please read my detailed analysis here: chartingtrades.com
On top of that, hedge funds positioned themselves very long very quickly while producers took the other side.
If 47.50 doesn't hold, the price could re-test 42.50, otherwise move higher..
Yesterday's failed attempt to break higher generated a nasty reversal candle. Please read more in my blog post here: chartingtrades.com
Also very long hedge fund positioning while producers extremely short.