XAUUSD: Timing a bottom in commodities...

I think we could be about to see a turn in commodities again, but I'm still not entirely sure about gold. We can either rally from here, and don't make any new daily low, or break down, stop everyone out, and test the zone between 1200 and 1180, before turning up again. This would depend on how equities behave, and what the flow of fundamental events is this week, something I can't yet decipher the outcome of.

You can buy a half position, if we break above yesterday's high, and if stopped out at yesterday's low, wait to reenter longs lower, or simply stand aside, and wait for a clearer signal, once we break above the previous 3 days' range.

Good luck,

Ivan Labrie.

Comment:

EURUSD looks good now, I'll look to enter longs tomorrow, need to see how today's bar closes. This bodes well for gold, specially with oil rallying, meaning we could see a rally in commodities and a softer dollar for some time.
I'm thinking SPX will stagnate here and go sideways while gold and EURUSD rally, but a rallying oil could get the energy sector going up again, lifting SPX as well, or at least, keeping it from falling despite tech's fall.

Comment:

We could bottom here, but we could also break down to the level I specify. I favor the 2nd outcome as more probable, but let's wait and see. I won't take action before the news today...