As we suspected, the gold rally ran out of steam in the mid-1660s and we have seen more mild follow through selling overnight.
Gold is now back under the 20 DMA and inside the downtrend channel again and we would expect a test of the double bottom at 1624 at the very least.
Our decision to sit on the sidelines for the past two months has not been exciting or profitable but our patience will be rewarded when a suitable set up arises in gold.
We do not expect to have to wait long for this, as detailed in today's video.
Gold is now back under the 20 DMA and inside the downtrend channel again and we would expect a test of the double bottom at 1624 at the very least.
Our decision to sit on the sidelines for the past two months has not been exciting or profitable but our patience will be rewarded when a suitable set up arises in gold.
We do not expect to have to wait long for this, as detailed in today's video.