Let's take a quick look at the 4 hour chart on Gold.
Notice the TrendCloud has turned the candles ice blue.
This is showing us that the trend has become "extended" and will most likely have a deep pull back that will go below the 50 SMA.
Momentum is down and we are starting to pull back.
We can start shorting gold when and if it first breaks 1981.4. TrendCloud is starting to give us sell signals on the opening range breakout today.
OR we can wait for a deep pullback into our demand zone at 1937.7 to 1930.6 on the 4 hour chart. THEN start to buy it again.
Notice the TrendCloud has turned the candles ice blue.
This is showing us that the trend has become "extended" and will most likely have a deep pull back that will go below the 50 SMA.
Momentum is down and we are starting to pull back.
We can start shorting gold when and if it first breaks 1981.4. TrendCloud is starting to give us sell signals on the opening range breakout today.
OR we can wait for a deep pullback into our demand zone at 1937.7 to 1930.6 on the 4 hour chart. THEN start to buy it again.
Chris Juliano