peterchung16

Gold - Trading Range

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
1
The Sell off is simply Trading Range.

1. The Smart money is accumulating/cost averaging during the current fall.

2. The interest rate hike will only pressure the gold goes up.

3. 1206 -1216 is a good buy now.

4. The fundamental would not allow the break below 1206.

Watch the action of Gold now. Every sell off to 1206 region will bought up my smart Bulls.


Comment: It is most likely there is a strong rebound next week. The simply reason is that the Interest Rate hike is firmed on the table.

http://www.cnbc.com/2016/05/27/yellen-ra...

According to COT report, the commercial decreases their short position into long. The reversal may rebound next week or the week after.
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