"This bounce currently on a weekly time frame is worth taking a look at gold stocks."
Wasnt so long ago average joe that you made mention about not looking at direction of chart.
When you are entrenched in a way of thinking its very hard to change isnt it?
If you are a gold bull, it can keep falling and falling and the gold bull will always tell you gold is going to rise.
Gold MUST break and hold above 1250 to contemplate a change of direction from a technical perspective, there is still a very good chance that gold will fall further, in actual fact the probabilities technically are that they will.
The gold price at this stage is a bounce and was expected to bounce from a support level at 1180 - 1200 ish.
Its the crucial levels that need breaking which will determine its direction, and anyone suggesting to predict that direction at present is guessing!!
