Long-term price action continues to gravitate lower and we expect the psychologically important $1,000/oz level to be tested in the coming months.
The July-October correction stalled at $1,192 and prices have moved aggressively lower since, culminating in a $130 drop.
The past three days of price action have resulted in a formation resembling a morning star. This is a short-term bullish set up which should see a good correction. We would look to set shorts into this rally
Management and risk description
Once shorts are triggered and first target is reached we would look to move the stop to entry and continue to look for lower levels.
