Gold Pullback Analysis

I wanted to revisit my previous analysis of gold and where I thought a gold pullback could occur. I’m only going back to look at this to show you that once gold hit the top trend line, it would most likely pause or break out. Therefore if you had been in gold shares last week when it hit the top trendline you should have been taking at least 1/2 of your profit or more. Never be greedy with a trade that has treated you well. That way if this sector did pull back which it has, you would be in a good position mentally to withstand the pullback or even add to your positions.

At this time it’s a hold because it’s sort of in no mans land between support and resistance. However with the strong trend that it’s been in, it wouldn’t surprise me to see this chart firm up quite fast and return to new highs.