FX:XAUUSD   Gold Spot / U.S. Dollar
36 0 2
Weekly: more of the indicators have joined the bullish side, we just hope that this is not wasted. Today is the closing candle for the week. Keeping note: range 120x - 131x. Momentum is trying to wake up.
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 trendline on the rising wedge should serve a warning again. H1 mid-bband is at 1268.5. H4 mid-bband is at 1264.4. Pivot is at 1266.
Comment: for now, Bulls need to protect 1264.
Comment: Intraday 1:10pm:

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.
Comment: 2:30pm: Case in point:


Is it a wedge? or a channel?
Comment: Intraday 6:10pm:

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.reuters.com/article/us-global-markets-idUSKCN0YW02N
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.
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