Gold – Corrective Pullback Forms Inside Bar
After the largest sell-off in 30+ years, Gold has slowly started to recover, likely from short covering/profit taking due to such a massive drop. Today the precious metal formed and inside bar on the daily chart, its first bear close in 6. I’m definitely not convinced the selling is over, but the bulls haven’t waged an impressive comeback.
My read is the PM will climb a little more, perhaps around to $1454, or $1478 before it will find sellers again. A break below today’s inside bar and the A bar (bar before the inside bar) would suggest sellers have retaken control and will likely gun for $1400 and $1384.
NOTE: Today …... Keep reading