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The chart below shows some interesting moves.  Over the last few days there has been some indecision in the market with trading within a fairly wide range, but proces resting fairly central.  This appeared back in September before a drop.  Could this suggest another drop is coming.  Back in Sept the Stochastic was rising from a low of just under 20.  Stochastic is now rising off a low of 20.

 

Of course FOMC minutes are likely to have a big impact on Gold.  The Sept meeting saw a big rise in gold.

 

 

chart.png

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The correction such as the one in Gold has been traced out over the course of the past 8‐9 trading sessions.

It has taken effectively the same time as it took to rally nearly four times as far.

I believe we should be very happy as Gold has gone from overbought to nuetral during this time.

This is as we would wish to see a price change evolve if we are bullish which I am.

 

I see Gold as a Buy.

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I always pay respect to a Daily reversal on the charts regardless of current fundamentals.

Note this could also turn in to a weekly reversal as it currently stands. These are more rare and more powerful signals.

Yesterday's high was above the high last week. Only time will tell whether or not we close the week lower than last week's low.

 

Buyer BEWARE - It is a technical short for now.

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