It is well known that Gold
is tightly correlated with Bond notes, which are showing apparent recovery candles. I am on a strong Sell side regarding Gold's Medium-term and a slightest recovery on Bond notes could engage the historic decline on Gold
did approach the #92.80 Support but Gold
remained more or less stationary Hourly 4 chart making a mere Lower High #1,955.80, highlighting the strong Bearish
pressure it is under. The Hourly 4 Channel Down had no further room to go, so I don't expect this consolidation to continue. My focus shifts to the Fed leaving the rate unchanged due to the ties on Stock markets. Trading Gold
is tricky for inexperienced and Traders, situations such as this one, even if we see all Bullish
setups, this is not a good sign for those who want to Buy this market on Long-term (most of Traders will) as the more prominent area for Buyers to keep an eye on, having seen how well it held Price-action Lower in late November. This is a cautious market at the moment. As soon as Bond notes engage the recovery, Gold will initiate historic decline towards #1,700.80 zone.