Is Today The Day ?
Is today the day we find out who’s really in control?
The day where it’s either inflation or deflation?
It’s about 30-minutes before the open.
Pre-market action has gold (GLD), right at the Fibonacci 50% retrace level shown in the 4-Hour chart.
Gold (GLD) 4-Hour
Looking at the chart we see the following:
The up-thrust from November, was an island gap reversal (bearish).
During the Fed announcement (Wednesday, the 15th), price action penetrated weekly lows and set up a spring condition (bullish).
We’re at Fibonacci Day 3, of the spring and current trading at 50% retrace in the pre-market (neutral).
Pre-market trading is at an axis line which also indicated prior resistance on November 30th (bearish).
If price action opens or trades at the 50% level, it would also up-thrust the November 30th print high; therefore, creating a potential reversal condition (bearish).
There’s a lot going on in the gold market.
The ‘man on the street’ YouTubers are screaming inflation and the need to “exit the system”.
That’s a great idea (exit). Just exactly how does that work anyway? A topic for another time.
Meanwhile, here we are.
We’re doing what price action’s telling us to do. That is, stay short until proven wrong (not advice, not a recommendation).
That proof, for bulls or bears could come today.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
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