This sideways / slightly upside movement feels reminiscent of 2016.
In 2016 Gold bottomed after its first decline on October 7th, and toped on November 9th .
This year it bottomed on October 6th , and the bounce has thus far toped on October 16th.
I´m watching price action closely over the next few days and would like to short around 1290-1305, with sl 1316.
is still , i would be suprised if Gold bottomed here and has the strength to move to higher highs.
It almost seems too obvious, as it would be a repeat of last year, but i would like to see a steep decline into the first two weeks of December.
Ideally a slight break of the July low and a test of the triangle uptrend line.
I think once 1260 breaks longs will capitulate.
What a Bull Trap. My first target is 1237, should Gold indeed break down in the coming days. (FOMC Minutes on Wednesday)
False Breakout!? Expecting some bounce here, tomorrow is friday. Let´s see if Gold can finally move below 1260 next week. Silver is already at the October lows.