Break the price to new highs (above 1284). Get everyone . Convince the shorts that price is running to the sky: so they will stop out. When early bulls, late bulls, short traders are all on board and the is breaking to new highs banks are selling out their gold positions to small traders.
And when the top is in the last mission to make a day of rally ( last Friday) when the few shorts are stopping out with a which convince everyone that it is a testback of the breakout.
Guys if we were not able to rally on the bad NFP data do you think we would rally with the soaring stock market and rallying dollar?!
Mark my words : This will be a hell of a decline. It will be so powerful and scary that at the end of this you will be 100% sure that gold is going below 1000$.
That's what I was talking about.
Funds are getting rid of PM.
I think in the night we will break through it as the eastern markets will continue the sell off.
4hrs chart couldn't recover above the 100EMA.
The next stop is around 1252 (200 EMA- 4hrs chart)