By Forex-Fx-4x.com
Gold temporarily struck the $1,900 point yesterday then quickly pulled back to finish over 3% lower on the market close.
Gold longs could possibly be cashing in on profitable trades and mitigating against potential that Ben Bernanke will not be announcing the new stimulus program at the yearly get together of central bankers found in Jackson Hole. Financial markets seldom move in a single direction without corrective moves and the bearish engulfing reversal candle, at the current highs, was a real heads up that a drop was coming.
We recognised this gold trading signal prior to the huge drop today. Present daily range is 273% on the ADR for 30 days – a serious move for Gold. The aforementioned once-a-year get together of central bankers may well influence the mid-term price action for the precious metal.
Gold Near Term Reversal Signal
Gold temporarily struck the $1,900 point yesterday then quickly pulled back to finish over 3% lower at the subsequent market close. Gold longs could have possibly been cashing in on profitable trades and mitigating against potential that Ben Bernanke will not be announcing the new stimulus program, at the yearly get together of central bankers, in Jackson Hole.
Financial markets seldom move in a single direction without corrective moves and the bearish engulfing reversal candle, at the current highs, was a real heads up that a drop was coming.
We had posted on this gold trading signal prior to the huge drop today. Present daily range is 273% on the ADR for 30 days – a serious move for Gold. The aforementioned once-a-year get together of central bankers may well influence the mid-term price action for the precious metal.
By Forex-Fx-4x.com
