Gold – Dip Buying Dominates
25th April 2017
Longer-term signals have been bullish of Gold so far this year.
The sell-off since the all-time high in 2011 at 1921.5 has attracted buyers back to the market in 2015 and 2016 from close to 1087.5. a key 50% pullback to the entire 2001-2011 ten year bull-run.
Updates on 23rd January and 10th Feb have continued to highlight our longer-term bullish stance, but with prices testing thick Ichimoku Cloud Cover, signals have also pointed to buying the dip. This has been the correct strategy for Gold – however with sentiment once again rallying towards the cloud cover, as well as weekly bear trend, we would once again look to lighten up on longs and buy the dip, on this occasion towards March’s Gold low at 1194.8.
The risk remains with selling below December’s 1123.0 base in Gold.
