of the . That level is also important as it is the the bottom of the consolidation. I don't think price will visit the beartrap between 1310-1302.
14 is showing a divergence as price has broken to new lows in the night but couldn't get more oversold.
Anyway yesterday's sting to 1313 was just a manipulated move as a big player had dumped a big amount of contracts in the low session. It was nearly a 10$ move in 1 minute. Only those shorts were able to close their positions who had a take profit at that level.
I would like to see price to break above the 10 and stay above. crossover would be an important sign that we are heading up again.
Oil is falling despite the bullish inventory data. Stocks are also dropping.
And now the dollar is giving up.
We might see this year's most powerful gold rally in the following 5 days.
The chance is 15%.
And my three days old chart from another Gold related discussion
However, there is still no guarantee that the supporting trendline doesn't get broken down beyond repair causing free fall to the next support in the $1,250 whereabouts.
The big picture is this: Gold continues to consolidate over the 200MA and will begin the next leg up when the dollar rolls over into its ICL. All you have to do is exercise a little patience, that's it.