We have been bearish on gold for sometime now, and our position and the trade has indeed been vindicated.
As shown above the price has "landed" on the 200d moving average. Furthermore, gold has broken an important trendline of 5 months. Clearly, the market thought highly of this line to keep using this as support. Usually, prices will retest the underside of this line. The daily stochs are bottoming. All this translates to is that gold may see a bounce starting next few for a week or two. It could upto 900 or so. So we may look to cover some of our position on any strength and maybe reload higher in the next few weeks. We still think gold has much lower to go.
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