Gold Cluster Chart 10-5-16

FX:XAUUSD   Gold/U.S. Dollar
69 0 0
After yesterday's crazy drop, I think PA may have bottomed out after taking out the clusters at 1280-1290. The current situation shows strong up bias as we see 2 strong blue clusters directly above and below PA. So PA has support below it and if PA can move up just a bit more, it'll trigger more buy orders to push it up further. However, if PA can manage to break below the lower support cluster, then right below the swing low is a pretty strong sell cluster that could drive price down further. Best to wait for more upward confirmation before going in, but I'm long biased.
***** HOW TO READ THE CHART: The red and blue lines represent clusters of BUY/SELL orders. The thicker the line, the stronger the cluster. Red = SELL, Blue = BUY. Grayed Out = Cluster Hit & Gone.

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