?GC; All that Glitters is Gold. Even if, just for now!. for COMEX:GC1! by BengalTigger

Jan 19 :We did try to push up to the 1315 area but the 100% symm resistance around the 1295 area was a bit too much on this try. For now, there is lots of Fib confluence from about 1260. My expectation is a PB to around 1265 before another attempt higher. Now, given the news cycle re trade talks, any announcement might have more than a negative effect if the news is good for the dollar.

Comment:

After 7 attempts we finally breached the 1300 mark. The question is whether we head past the 1315 area or turn back. We have a negative divergence here. There is a possibility of an exhaustion push that could be sold all the way back down to the 1295/1275/1260 area. I would be cautious.

Comment:

So far so good. We not only got to 1315 but pas that. Next area of resistance, ig it gets there, is around the 1337 area. Support is around 1295. The longer 1295 holds, IMO, the better the chances for a trip to 1375 and 1400.

Comment:

We continue to grind higher. IS this one of those moves that will stop just short and then leap over the 35 area. Only time will tell. PB are quite shallow so they yellow metal might finally glitter.

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