following the idea posted yesterday, Gold broke out the distribution period to make a low at n.3 lower then n.2 and complete the .
Yesterday's opening of the stock market prompted Gold move into n.3.
Growing optimism in respect of US-China Trade Deal is favouring a Risk-On mood despite lot's of issues are still pending. However, the rolling back of tariffs is the latest sign of progress.
As fas as the above chart is concerned please refer to yesterday's post to appreciate the 200SMA pushing down into n.2 for the breach of 1480 level (violed dotted line).
Gold stopped at 3 to pullback during night time (after US markets closed). However it fell again this morning just after 9:00 (European Time) o'clock.
Another period of distribution into descending 116SMA may be a possibility like it happened after n.2 was made.
However it could still keep falling from A (red) towards n.3 or below if stock markets increase their gains.
Please note that is adjusted at 47 in order to follow below 116SMA.
AToW sentiment remains into territory below 50line.
Latest on Daily and Weekly structures looks to me:
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