GOLD - Bearish Correction Incoming!

6 May

Gold / XAUUSD has potential for a small bullish pump over the next few days; followed by a bearish correction.

We have some Buy Signal Momentum currently going; it hasn't ended yet but this current bar is displaying it; this implies now is still considered to be a good time to buy but may not be tomorrow! The buy rating started at 1☆ and is closing at a 2☆; this may imply a push back to the $2474 region.

Gold has consolidated for quite awhile meaning that it's RSI has had some time to cool down and is now relatively neutral at 55; however our YinYang RSI is still saying quite overvalued and that a dump is underway.

Conclusion: A small pump may occur over the next few days; however we don't think this is long term. We believe Gold may get rejected ~2474 and continue in a downtrend towards the 2190 region.