There has been a repeating pattern over the last few years in Gold.
When China is on vacation for its Golden Week National Holiday Gold is under pressure, once China is back Gold rebounds.
China will be back next week.
So far we have a nice bounce of the support zone around 1268.
Daily RSI Divergence.
Old Trendline support if still valid.
Silver showing outperformance and strength the last two days, which i see as positive.
Full Moon on Oct 5th, if you are into that.
Keep an eye on friday NFP might be the trigger to break downtrend.
This might not be the end of the larger correction, still possible we test the lower uptrendline, but for a short bounce odds are good enough imo.
Targets: (1) 1283 (2) 1291 (3) 1310
When China is on vacation for its Golden Week National Holiday Gold is under pressure, once China is back Gold rebounds.
China will be back next week.
So far we have a nice bounce of the support zone around 1268.
Daily RSI Divergence.
Old Trendline support if still valid.
Silver showing outperformance and strength the last two days, which i see as positive.
Full Moon on Oct 5th, if you are into that.
Keep an eye on friday NFP might be the trigger to break downtrend.
This might not be the end of the larger correction, still possible we test the lower uptrendline, but for a short bounce odds are good enough imo.
Targets: (1) 1283 (2) 1291 (3) 1310
Comment:
Old Trendline
Comment:
Golden Week, indeed. The only thing that bothers me is the weakness in miners.
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