justatrader

Gold - Game over if 1122 gives way

FX:XAUUSD   Gold Spot / U.S. Dollar
361 2 9
Prices have fallen sharply and is now trading close to 1122 region of support/resistance . A lot happening here. Firstly, a potential bullish divergence taking shape, with stochs making a lower low and price possibly making a higher lower in comparison.

Plotting the median line on the recent PA, prices broke the median line and then bounced higher only to drift back lower. A closing candle at/below median line + 1122 support level could mean its time to exit as prices could fall to 1111/1100 region.

So for now, Gold             remains a 'watch' and see how price reacts at 1122/1120 region.
Hehehe.. I like that hammer!!!!
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