Tuesday, 22 May 2012

Gold in new impulsive move upwards?

 In one of my previous posts I was looking at the end of the trinagle in GOLD around 1550 (http://profitablerisktaking.blogspot.com/2012/05/long-or-short-gold-and-s-update.html). 

It moved slightly lower for one day and then rallied more than 60$ upwards. My view remains bullish as long as it holds recent lows. However the fact that my 2 EMA have crossed for the first time since 850$ might prove bearish.

However this might just be the result of the lengthy sideways triangle correction. I will confirm the start of the upward move if the triangle is broken upwards and the move has an impulsive form.

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