Weekly: Most of the threads are in overbought zone. A close below prev weekly close (1316) would send a message for the bears to wake up. Luckily, should not allow it at least for another 3-4 weeks. So maybe consolidation may ensue up to the next big news (maybe NFP). Momentum will likely to strengthen for another week (unless weekly can touch below 1250, which would need a Herculean strength to do). Weekly PSAR is now at 1208.30. The range widens to 1200 - 1340.
Daily: Most indicators are still in favor of the bulls. Last night weak close somehow put a brake on a few indicators. By maintaining range above 1300, gold sucessfully builds up momentum to a scary level. Daily PSAR is at 1252.6 with range widening to 1250-1340.
The post-brexit heat is still felt terribly. However, last few sessions some rebound on the lost grounds in the financial market was seen. Terrorist attack in Turkey triggers off another fear. EU wants to quickly pass through its divorce relationship with England, continues to hold uncertainties in the market.
1320 could be short-term cap for now with 1325 being the top of the lid in the daily.
Gold has some good chance to retrace, provided 1320/1325 is protected and a close below 1310 is had.
Intraday: 9:40 am:
Intraday range shrinks to 1305-1330. Momentum has lost considerably, and seems like has gone back to "normal", so either side can play tug-of-war safely until one side gives up. At the moment bulls are pulling bears away from 1310 line, with the support of the higher timeframe moves. However if bears can sneak in below and touch below 1305 (even better 1302), then bulls can have a harder time pulling it back.
A great chart