Golden opportunity to buy the dip?
On Wednesday last week, I wrote:"The bottom of the yellow highlighted boxes are where I believe prices may find support.”
As I also noted last week, signs of a bottom could manifest quickly. Less than four trading days later and gold is in the oversold condition on the daily timeframe, with the upward trend yet intact. Whether or not a breach of $1950 will occur is a question for a fortune teller. Still, in my opinion, as of now, such an occurrence presents the buying opportunity any sidelined bulls were waiting for.
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