1. It should be fascinating to keep in mind that despite the fact that Fed, commercial hedgers, and bullion banks have recently covered quite a few of their all-time record amount of short positions within the Gold market, they nevertheless continue to be unbelievably short and as a consequence very bearish about the price of Gold.
2. Price action has confirmed the value of the mid-term bearishness sentiment arriving of Key Resistance of $1304 for an extended period. The latest price action has created intermediate-term, Mean Resistance of $1279, and present Gold Dip of $1262, while additional at $1249 is resting below, along with Key Support of $1242.
3. The completion confirmation of the current Gold Dip $1262 (we require two more price action bars) will undoubtedly bring serious of the bullish implications, targeting Mean Resistance of $1279
4. Current Gold Strategy Bias: Bearish 60 / Bullish 40