I am not sure what gold's long term outlook is, but it has been holding strong after the ATH rally. This morning was a really deep test, but the price rebound very quickly. I don't think there is much to worry about. Its normal to see these kind of tests to determine support. The fact it bounced back above support was promising. I would not be surprised if gold makes a break to the upside. Will have to see what the closing price is today.
Comment:
not the most promising final candle, but at least it is back up in the support range. Note that the RSI is well into the oversold, so that is a promising sign it could rally back up.
Comment:
Update for Tue, Sept 22. This was a very weak day for Gold. I really would have like to see if bounce up and out of the support zone not break below. Not sure if this is just a test or a sign of true weakness.
