Gold in Ozzie Dollars has been going parabolic . Parabolic rises invariably result in parabolic falls. If it starts to fall I wouldn't be hanging around for too long.
In my weekend emails I indicated that for me as a short term trader in au:gold (bigcharts.com), a sell signal would be hit if the RSI dropped below the horizontal line indicated on the RSI Pane.
That hasn't been hit yet. So - patience.
It may also give a clue as to the short term direction on the general market, which tends to run inversely to Gold. So, patience on entering long for the general market is also required. The fall in the general market may(?) not yet be over.
More on the general market later tonight when I complete all my analysis of the data.
Cheers
Red
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