Gold was overbought. It is now in a consolidation period, however, it will be coming to an end before you know it.
The trend is still positive for gold prices.
BUY ALL THE DIPS!
Gold - Consolidating before another positive trend starts
The daily chart (attachment 2) shows the correction over the last 4 days, nothing severe considering gold gained since the breakout on June 22, 2019, US$ 170 per ounce.
GDX, the largest gold shares ETF (attachment 3), indicates the correction over the last few days of around 11%. However, this ETF has gained since June 22, from bottom to top, 29% in under three months.
No comments:
Post a Comment
Commented on MasterMetals