$GOLD and $SILVER flat overnight — no change. Sometimes the hardest thing is sitting on your hands and doing nothing, but that's exactly what's needed here. Both charts look bullish short-term, but entries aren't quite there yet.
Bigger picture: the macro trend is STILL DOWN. Not convinced the pullback is over. Gold's trading inside a parallel channel, and until it breaks out convincingly, the trend remains bearish.
If it drops, the mid-line of that parallel lines up with my $3900 target (still 40-50% likely). The bottom of the channel hits $3400, though I don't expect that now.
I'm in a small long, but NOT going all in. Prepared to add if it drops to 3900. Respect the setup, respect the risk.
Bigger picture: the macro trend is STILL DOWN. Not convinced the pullback is over. Gold's trading inside a parallel channel, and until it breaks out convincingly, the trend remains bearish.
If it drops, the mid-line of that parallel lines up with my $3900 target (still 40-50% likely). The bottom of the channel hits $3400, though I don't expect that now.
I'm in a small long, but NOT going all in. Prepared to add if it drops to 3900. Respect the setup, respect the risk.