2ndSkiesForex
Long

Gold Clears Two Key Levels, Likely Bottom In Place

FX:XAUUSD   Gold/U.S. Dollar
194 2 1
As i've been saying for over a week now, Gold             has likely formed a complex bottom in place. Today it took out two key levels (1300 and 1321), hitting a high of 1338 (May swing low). I'll look for a pullback towards prior support before getting long, or a breakout pullback setup if we can clear the 1338/40 level. We did have a massive amount of shorts cover today (about 11%), so am expecting more of this during the week, but medium term shorts may push back before relenting more upside.

snapshot


Kind Regards,
Chris Capre
osci
3 years ago
tnx for this Analysis. we should also Keep an eye on the comex physical warehouse. it is almost empty. and the delivery date is near and i am convincend not all contracts can be physical deliverd. if there is a changing in cash Settlement, then this could push the Price North.
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Ryan Tyler
3 years ago
Thanks for your cool analysis Chris. Still ranging and keep my eyes on for a possible movement.
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