Though we are getting late in this intermediate cycle gold still looks bullish to me.
Today we are bouncing up from the pennant's upper trendline and the 10 EMA.
The only thing now makes me nervous that MACD crossed down again.
I wouldn't open a new long position here, but I'm holding my long position.
I'm still waiting for at least to tag the 1308 - the 2015. January intermediate high.
For a serious decline we have to break below the 10 EMA on the daily chart.
I think it was a dip today but late bulls are buying it, so we will make a higher high before next week's FED meeting.
It's important to watch the dollar. Tomorrow ECB decision !
If the ECB disappoints the market and the Euro starts to raise : the falling dollar could help gold to make the higher high at 1308.
Today we are bouncing up from the pennant's upper trendline and the 10 EMA.
The only thing now makes me nervous that MACD crossed down again.
I wouldn't open a new long position here, but I'm holding my long position.
I'm still waiting for at least to tag the 1308 - the 2015. January intermediate high.
For a serious decline we have to break below the 10 EMA on the daily chart.
I think it was a dip today but late bulls are buying it, so we will make a higher high before next week's FED meeting.
It's important to watch the dollar. Tomorrow ECB decision !
If the ECB disappoints the market and the Euro starts to raise : the falling dollar could help gold to make the higher high at 1308.