GOLD: Time to Mine or Bury?
Most traders resource gold as a hedge, but we are currently reaching interesting momentum levels. Precious minerals have been active recently and are providing intraday profits for those watching.
The greatest thing about trading gold or one of its ETFs is that as much as there can be volatility you can feel confident in your decision and generally not get whipsawed. Gold has been beaten down to a level that is potentially going to pop or else it has to unravel a bit more before it rebounds. It is displaying a classic Head & Shoulder Pattern. So generally speaking in all probability it will go lower, if it breaks or fades the neckline (baseline) of approx. $110.00 probability states that a measured moved easily below $100 is probable prior to the bounce we have all been waiting for. Either way this is a key area for something to happen so it’s time to decide…. Mine or Bury?
Again generally in this setup a measured move below the baseline seems the likely direction even though gold has to break out and break out strong eventually when it does! Good Luck and trade with disciplines.