When an instrument is trading at prices last seen in Sep 2011 and your bias is bullish, caution is surely called for. Yet it is difficult to be anything but bullish in Gold.
A corrective structure has formed at the top of a bullish move and it is likely that bulls will regain control. I will exercise caution however and not even consider taking a trade anywhere in the middle of the range. A buy opportunity at the bottom of the range would be perfect, otherwise a break above the range with a retest will be the only event that would encourage me to trade Gold.
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As always, please use sound money and risk management in all your trades.
A corrective structure has formed at the top of a bullish move and it is likely that bulls will regain control. I will exercise caution however and not even consider taking a trade anywhere in the middle of the range. A buy opportunity at the bottom of the range would be perfect, otherwise a break above the range with a retest will be the only event that would encourage me to trade Gold.
If you like my analysis, please give it a "thumbs up" and follow me to get immediate notification of my posts and updates.
As always, please use sound money and risk management in all your trades.