Gold - The correction begins

I've been watching the rally in gold and silver recently, and it's finally looking like the bull's are out of steam.

Reasons:

• Fib 38% retracement
  
• 1207.3 is a previous support/resistance area
  
• Price has broken below 4hr trend line support and retested as resistance
  
• Apex with downwards trend
  
• Stoch has crossed below 80 on the daily chart
  

Daily

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Closed out of all positions before the Presidential inauguration speech. Just as well, because price headed higher and we would have been stopped out.

Yorum:

Overall, the idea is still valid and I'm still looking for downside from Gold.