Gold has made new lows at $1614.68 and now violently retraced back into $1631, all while I was asleep :D Now, here is what I see: Price is still HTF bearish and could return bearish in NY to retest the london lows. But, with the strong impulse reaction to the new lows, bears are fighting more bulls, so it could be more of a consolidation or bullish day as well; it really depends on how Pre-NY reacts to this price action, from there I can form more of a long/short bias. Ideally I would like to see LTF resistance form - a bull candle followed by a bear candle - and then the following candle to break the low of the newly formed resistance.
No news major news today either. With dollar strength I would love to short Gold back down to $1614 but we will see if the bulls allow for that. What is your bias today?
No news major news today either. With dollar strength I would love to short Gold back down to $1614 but we will see if the bulls allow for that. What is your bias today?