As we see, the two patternes are very similar . However as we have yet to break 1229.30 the bearish trend is still in-affect . Gold has no reason for a rally of any kind ...as yet .Markets are still strong, dollar is strong . With ADP data tomorrow....things could turn even more bearish . But I still do not see a drop past 1215. However nothing about this past months trading session has been "normal" or "predictable" .
Having shorted at 1221 to 1226...I tuck profit . Now looking to long at 1215.
At 1215 I would expected a bounce to 1235 then on to 1260 before turning bearish for a run down to brake 1200 (B). However we could have a small bounce to 1235 which is under previous support at 1240 now acting as resistance (A).
As stated in some of my other charts,I had expected a rally to 1285. Due to gold being so unpredictable I no longer think that is the case. The only reason I feel we may have a bounce would be bull's chasing a profit ( on the back of a weakening dollar, or stocks) from an over sold position. In turn bears will be chasing the there profit on the way down .
As always ...we wait and see.
Having shorted at 1221 to 1226...I tuck profit . Now looking to long at 1215.
At 1215 I would expected a bounce to 1235 then on to 1260 before turning bearish for a run down to brake 1200 (B). However we could have a small bounce to 1235 which is under previous support at 1240 now acting as resistance (A).
As stated in some of my other charts,I had expected a rally to 1285. Due to gold being so unpredictable I no longer think that is the case. The only reason I feel we may have a bounce would be bull's chasing a profit ( on the back of a weakening dollar, or stocks) from an over sold position. In turn bears will be chasing the there profit on the way down .
As always ...we wait and see.