Gold 4 Hour - Bullish Retracement Action into Bearish Short

23 mar

We basically traded our first bear fib on a longer term timeframe with the move down from highs . . . Our lows on Friday afternoon's session came within a buck of targets, so there could be a substantial retracement, potentially an "ALL THE WAY, HALF WAY BACK from the ALL TIME HIGHS. What this would look like is a Head and Shoulders Top . . . with the right shoulder going as high as 2198 . . . The bulls could be out in force next week . . . and we would be right there joining them on counter-trend long trades. But, Remember when I said I would be selling spikes in the last entry. A move to 2198 would qualify as a spike. Failure for the bulls to break into new highs would be seen as a top here. And, the inability to get past 2200 would be the sell signal the the market needs to bring us back to a meaningful retracement for the year.