GOLD isn't yet on a growing pattern
On a weekly chart, it appears that there was a double top formation. Of course, it is the first sign, we need to see the price going down to the neck line, that would give the second clear sign and the rest will come by itself.
As far as technical indicators are concerned, on a STOCH or Willam R% basis, we may appear to be overbought, but, if you bare in mind the MACD showns room for a downside movement, and watching MA100, MA50 and MA9, I would wait until further consolidation and/or a clear signal from the market, and we are not there yet.
Of course everything, every time zone, every case is trad able depending on your Leverage, your Stop Loss, the time you want to spend in front of your computer, the risk you want to take...
As far as technical indicators are concerned, on a STOCH or Willam R% basis, we may appear to be overbought, but, if you bare in mind the MACD showns room for a downside movement, and watching MA100, MA50 and MA9, I would wait until further consolidation and/or a clear signal from the market, and we are not there yet.
Of course everything, every time zone, every case is trad able depending on your Leverage, your Stop Loss, the time you want to spend in front of your computer, the risk you want to take...
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