Commercials like to unload their positions at the breakouts. Small speculators are entering into positions at the breakouts and stopping out during the pullback.
Most probably this thing is happening here when gold broke above the october high and price tagged 1200.
In the last 3 hours of gold trading price dropped more than 10$...
We should come down into the daily cycle low in the following 5-8 days.
I will use Fibonacci levels for targets:
50% - 1136.51
61.8% - 1121.26
GDX and NUGT ( Mining verctors) printed a reversal candlestick today.
Most probably this thing is happening here when gold broke above the october high and price tagged 1200.
In the last 3 hours of gold trading price dropped more than 10$...
We should come down into the daily cycle low in the following 5-8 days.
I will use Fibonacci levels for targets:
50% - 1136.51
61.8% - 1121.26
GDX and NUGT ( Mining verctors) printed a reversal candlestick today.