Gold: Time for a Bounce, Probably Not a Bottom Yet
by Gary Savage
Gold Seek
Sentiment got a little too bearish and price is bouncing off the 38% Fibonacci retracement. Ideally though I’d like to see one more lower low next week to break the cycle uptrend line before trying to call a bottom.
I’d like to see a bit more bearish sentiment and some panic selling. DCL’s should create fear and cause traders to think price is rolling over. That usually requires a trend line break to get technical traders on the wrong side of the market before price resumes the uptrend.
Continue Reading at GoldSeek.com…
Source: http://financialsurvivalnetwork.com/2016/07/gold-time-for-a-bounce-probably-not-a-bottom-yet/
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