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Gold could go back down - page 17

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INDIA:
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Come on : stop the BS
Gold is being rocked. Expecting change of trend
I think it's too early to talk about a reversal to the downside.
Gold prices moved lower on Thursday following the decision of the BoE to keep rates unchanged.  The central bank is expected to provide stimulus at its August meeting according to the statement released at the time of the decision. Gold was weighed on as another round of risk-on dents the yellow metal's safe-haven appeal.Prices were unable to recapture resistance near the 10-day moving average at 1,350.  Support is seen near an upward sloping trend line near 1,300.

Momentum has turned negative as the MACD (moving average convergence divergence) index generated a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread.  The index is printing in the red with a downward sloping trajectory which is pointing to lower prices for the yellow metal.
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The USD/CAD pair fell significantly during the course of the day, but at this point in time we still see quite a bit of support just below, extending all the way down to the 1.2650 level. With this, and the fact that the oil markets don’t necessarily look healthy at this point, I believe that sooner or later we will see a turnaround in this market. We obviously won’t yet, as we are closing towards the bottom of the candle, but a supportive candle below is a buying opportunity as far as I can see.
Gold is testing the support at 1326. If it breaks below that level it could reach 1300.
Even if the gold is in bearish mode, traders can make some good money by selling it short.
xs2riz:
Even if the gold is in bearish mode, traders can make some good money by selling it short.


Traders don't care whether they're buying or selling, as long as it's done in the proper place.

Bearish on Gold.
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