Daily: 1270 should be another psychological barrier. Most of the fast indicators have gone overbought, with the slow indicators turning up. Momentum however is still weak.
Intraday: Momentum is maintained which is a good thing for gold bulls. One must be careful on the readings of oversold and divergence. A break of on the should serve a warning again. H1 mid-bband is at 1268.5. H4 mid-bband is at 1264.4. is at 1266.
1266 pivot is breached, rising wedge trendline is breached, with most threads just started to look down ("significantly') Noting that :oversold (esp. in daily with not yet too strong a momentum) and divergence are both still in play. 1264-1265 should hold, or else closing below it might see more damage further. As of now, only a close 1267.5 should be considered for the upside.
Is it a wedge? or a channel?
1264-1265 indeed has succesfully defended the bulls. Londoners decided to pingpong the precious metal to 1270 and test the range. The intraday momentum did take a breather and looks good to get back in the game, but to be able to revive some fighting spirit, a close above 1271 is needed.
Fundamental: Worries on the global economy seems to be well popularized by the media as German 10-year bond yields hit record lows.
http://www.cnbc.com/2016/06/09/why-big-investors-think-its-time-to-hoard-gold.html - this news shows the effect has already been priced in. so what s with "buy the rumours, sell the news?"
Let's not to outsmart the big pockets, follow them if we want to survive the market.