Face ripping rally in gold coming?
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With nominal yields spiking (and temporarily giving a boost to real yields) gold has understandably gotten monkey hammered this week.
It's possible we dip further to 1644, but the Butterfly pattern suggests a face ripping rally if we can close above ~1754 on the daily.
In either event if I was short I would be moving my stops into profit at this point to ~1767 if not covering outright. Then wait for confirmation of the butterfly harmonic before going long (and making sure we don't simply reject the descending triangle at 1765) or else re-shorting if we reject.
Happy trading.
It's possible we dip further to 1644, but the Butterfly pattern suggests a face ripping rally if we can close above ~1754 on the daily.
In either event if I was short I would be moving my stops into profit at this point to ~1767 if not covering outright. Then wait for confirmation of the butterfly harmonic before going long (and making sure we don't simply reject the descending triangle at 1765) or else re-shorting if we reject.
Happy trading.
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