Polish up your granny’s jewellery, the down trodden shiny stuff is back in favour
Since the blow out to $1334 closed out the daily candle loss on the 15th April, we’re on course to post a sixth day of gains in seven.
Having broken the 50 fib level of the drop at $1442 we haven’t looked back.
click to enlarge
The next stop is the 61.8 fib at $1471 but the top of the short term channel may provide sellers an opportunity to jump in.
Sometimes all good markets need a blow out to clear the cobwebs and this has been no exception due to the lack of follow through selling.
Any longs who are offside will be sitting back and hoping the run up continues. On the way they will be weighing up whether to see if they can get back into profit or whether to take the reduced loss and run.