Gold tested the key transition area of 1200 today and got rejected slightly.
This is still the key area we have to watch here, as a hard rejection could send us to a lower low, but a strong break could launch us to a higher high than 2016.
The next few days should be very telling for gold going forward.
(there is still bullish divergence in the RSI)
This is still the key area we have to watch here, as a hard rejection could send us to a lower low, but a strong break could launch us to a higher high than 2016.
The next few days should be very telling for gold going forward.
(there is still bullish divergence in the RSI)
Comment:
We saw $1200 gold again on Friday, got rejected again, but not harshly.
Although it's never good to get rejected at a key level, the fact that we haven't bounced hard off the level down to the 70's area, illustrates to me that we should see 1210-1220 area soon.
Although it's never good to get rejected at a key level, the fact that we haven't bounced hard off the level down to the 70's area, illustrates to me that we should see 1210-1220 area soon.
We've pulled back a bit after every jump up since 1120, there's no need to worry that we revisited the 1190's. Don't let the people who were short from 1120/30 area scare you over every $1 drop in the price.