The price momentum for gold according to the Variable Changing Price Momentum Indicator is at $1,547 and is bullish.
The weekly VC PMI of $1,574 is bearish.
A close above the $1,574 stop negates this bearishness neutral.
If short, cover your position at $1,550-1,527 and reverse to go long on a close above $1,550, if activated. If long activated, use $1,527 SCO.
Gold went up today to a high of $1,477.50 and that satisfied the criteria to go short the market according to the VC PMI.
The gold market appears to be entering a bearish trend momentum, activating the targets of $1,463 to $1,454.
Let’s see if we get the target of $1,465 on the short trade from 1,488, with our stop at $1,487.
Because the gold market is trading below $1,467, it activated a bearish trend momentum.
Wait for the market to come down to the Buy 1 or Buy 2 levels of $1,464 or $1,462.
The VC PMI also tells us that if the price closes above $1,468 using the 15-minute bar it negates this bearish momentum.
A second close above $1,468 will activate the levels above; the daily target of $1,478 and the weekly target of $,1477.