Hi Paul
This new long term upward trend line you drew for gold in the update seems a bit vague because it only has two distinct reference points. Can you please clarify the reasoning for it? Thank you
Greetings Nathan... You only need two reference points ... It was a line drawn below some congestion... but had already been broken by price action. So theoretically, it should now act as resistance. So my interest was in whether or not that line is visited with energy and penetrated to the upside... or whether action gets rejected and moves on down again.
Remember that in the video I suggested I was looking for an opportunity to re-enter the short if it continued.
But price action has closed above this line by the barest of margins... and I think I mentioned that 1205 would be a resistance area. The next is 1215 or there about... so I'll wait and see what happens around there and see if a convincing long is available.
I see. Thank you.
You're welcome... thanks for asking
