Gold is still in a monthly uptrend, but has corrected recently. My upper target on the correction was 880 — gold didn’t hit that (yet) but came as close as 891. Take a look at the chart …
Now, we can see that it is bouncing higher from A) its 50-day moving average and its recent uptrend. So who will win here? The bulls or the bears.
Sometimes the best thing to do is sit and wait for more information. Let’s see if gold tells us what it wants to do — go up (a reversion to the monthly uptrend) or down (a steeper correction until proven otherwise).
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