Its been very evident that even the strongest bears went positive since BREXIT on Precious Metals for intermittent rally or pullback from the supercycles as we call.
Everybody would agree that 1300-1310 would serve as strong demand area and resistance from previous tops especially March 2015 highs. The breach woud open the gate to 12XX and bear would take thier chance to push down as much as possible it can. Probably 1250-1211 would be bears targeting for.
On current Daily Chart I see huge range play from 1300-1330 for next whole week and I believe this the last bear week and will make perfect Bull Flag on weekly. We have bottomed the STOCH and RSI hover around 48-50 on daily.
So Huge Sideways possible within range till 27 July, Yellen still might not give green signal to rate hikes in august as statisticians or Economists would treat previous two NFP data as Anomaolies and would wait for more evidence on job reports.
Dovish stand likely to induce rally in all PM and would again try to target previous tops and 1375-1390 Region. I have charted all bull possiblites, if not anyone of those being played, God help the bulls !! because it will dive down so hard that even bear has not imagine.
Good Luck for Next Week
Happy Trading.
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Its Happening
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No IR hike confirmed. Plan set on right direction.
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Followed the quick Impulse as suggested Idea on low GDP data.
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So far so good !
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Expected NFP data. lets see if we can grow higher from here.
for quarterly option sellers it is important that at the end of July beginning of August the price included in the money below 1300 (ie 1290-1300), after which the price will go up, as it will pump test Breksa and even purely my guess at the level of 1300 a lot of stops - extra liquidity for the major players to go below, I see no reason for a major player