Michael_Macdonald-XATSUK

Gold posting a corrective bounce

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
The anticipated corrective bounce is unfolding, as oversold momentum unwinds and the bearish Tension Indicator flattens, with prices pushing above the USD1173~, (23.6%) retracement of the November-December fall to reach USD1184.90.

Just higher is the USD1188.10 high of December, but the USD1199.80 low of May and USD1204~ retracement are expected to provide stronger reactions, as bearish background studies keep investor sentiment cautious. A close above here, however, will help to improve price action, and open up the USD1221.05 high of 22 November, as investors subsequently move to a neutral stance.

A close below the USD1150 break level, however, will delay gains, and prompt fresh losses towards critical support at the USD1122.80 low of December, with risk of further losses as the July 2016 bear trend gains momentum.
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