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Gold – Weekly Reversal : This is it!
by Dan Norcini
Trader Dan
In watching the short squeeze taking place in the gold market this AM, I am noticing that the push higher is creating a WEEKLY UPSIDE REVERSAL PATTERN on the intermediate term chart.
[...] As the Euro recovers off its lows and as the Dollar fades from its best levels, shorts are covering in gold and that is setting off a wave of buy stops as upside technical levels are getting taken out. Hedge funds are short, not in large numbers, but large enough to produce this buying.
It looks like the bulls have managed to dodge a bullet with Mr. Draghi bailing them out yesterday and thus we have a massive amount of repositioning taking place that started yesterday and apparently is continuing this morning.
Continue Reading at TraderDan.com…
Source: http://financialsurvivalnetwork.com/2015/12/gold-weekly-reversal-this-is-it/?utm_source=rss&utm_medium=rss&utm_campaign=gold-weekly-reversal-this-is-it
