Gold rejected @ the upper parallel of 1-hour descending pitchfork, early this trading day. During last Friday's trading Gold made a bearish flag formation on 1-hour chart, so an early Monday move to the downside was expected. Gold is testing the 100 extension of this bearish flag formation, with the 61.8 % retracement (of last weeks bounce) underneath it. If buyers took over control last week, than a continuation is expected @ these levels. October low @ 1453 is still the line in the sand for me, a daily close below this will get me on the side line for now.
Comment:
1-hourly close above 1470 would confirm the break out higher, If you missed entry down @ 61.8% I personally would wait for a break out of descending pitchfork.
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