Good Afternoon Dynamic Traders
Since Monday’s post on Gold, price has dropped around 80 points in just a couple of days – how quickly the bears move! Price has also convincingly closed below the VI – the last time Gold dipped below the VI was back in 2008 so it’s a pretty significant price move.
Price is now lingering in the midst of a support zone with a weekly TL also adding weight to the situation – so there’s always the chance of a FBO. Jumping on a short trade would certainly be premature at this stage – Dynamic Traders will know exactly why.
The plot thickens – will the bears continue to hold the reigns? We’ll have to wait for the markets to tell us – no preference either way, we just need to hold out for the right confluences.
Smart Trading!
Sonia Molina
Tags: gold
