So, while I am in the short trade, we all need to be on the watch for Black Swan events. This week may be the proverbial quiet before the storm!
But, until then, my does show that Gold right now is a short side trade. In addition to everything I've been calling out the last week on this, I have drawn a couple of orange lines on the chart which show a clear divergence between the last high of the year from last Friday on the price chart verses the indicator on the bottom. is a indicator and it is showing that the month long bull run has lost it's steam. A pullback to the 21 day moving average at 1263 is very reasonable.
To complete the picture, take a look at the Heikin-Ashi chart. We've now had a red followed by a very weak red candle.
If you do stay in a trade over this potentially volatile weekend, please use good money management techniques to protect your account. :-)
Disclaimer: This post is for education purposes only. Trading is at your own risk.