Planning Gold as it Declines from Swing High March 3
Gold rallied strongly from the $1,120 low to the recent price target near $1,260.
What’s the game plan now that we’re seeing a logical pullback within key levels?
We had a reversal buy signal – positive divergences + reversal candles at support – in December.
From there, price rallied as expected toward the prior price low and pivot target near $1,250 as highlighted.
At this point, we’re in a NEUTRAL zone via moving average compression.
Basically we’re seeing Gold come down from the upper Bollinger Band and the successfully achieved 200 day SMA just above $1,270.
Focus your attention – and develop your next trade – on the DEPARTURE away from the rising 50 day EMA and lower Bollinger Band near the $1,220 target level.
I’ll be discussing more specifics and the emerging opportunities in this week’s Member Strategy Report.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”