The 100 MA was important in gold's previous and prior daily decline. Every failed attempt to break and hold above this moving average resulted a break below the previous low. It seems price is not able to stay above the 100 MA so the chance is high again to break below the previous low at 1264. Why is this important? If we break below 1264 the chance is high we break below 1260 which triggers the panic selling.
Let's see how it plays out.
SHORT follow through idea. I don't suggest to enter a short trade here, but previous shorts are suggested to hold.
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Clear manipulative move in gold before FOMC. DXY, USDJPY, SPX500 bouncing together with gold.
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The corrupt bullion banks usually one step ahead of the market. So they might know something what we don't... It's possible they push gold up on the low volume session to get rid of their contracts at higher prices in this case gold can drop at a hawkish FED in the evening. or they just got the memo regarding the new FED chief and they are preparing for a bigger gold bounce - so they are buying.
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I have a feeling it's going to be a coin toss in the next 2-3 days with high volatility. I wouldn't trade this based on chart patterns like double bottom on the hourly etc. We might move between 1250-1290 in the following 3 days. So manage your accounts. This is not the time to be brave.
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It seems we are going to get a hawkish FED today. Banks just loaded up the boats with shorts in the morning bounce what they built.
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And the flag continues. Niw ut’s obvious on the daily chart too.
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Still in the flag... the tickets for the bull train will be c.o.d.
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So it seems we are breaking down from the flag. Even the weak NFP didn't help for gold.
Damn you have good eyesight, if that works out to be true, never spotted it...
usef
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if the hourly candle with breaking the down trend dont wait to go back to 1260
Nightstar
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Channels and levels to watch over the next few days :) let's make it sexy bitches.
NorthLumberJack
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Looks like we are in a diagnal triagle resolving Nov 6 or earlier
RogerS
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NFP might be good tomorrow and they are positioning on the short side from the top knocking few stop losses at 1982. Rather than that very odd spike up.