We see the lose of momentum a few weeks ago now the sellers gains some control which mean average participants who get involved average cost since prior lower now long holder is not ok they're getting selling pressure and now when the price is getting back to their break-even and lead to further decline on price to level of interest around 77ish and then we will...
Momentum has been reduced for last 50 trading day. it shows the weakness of the uptrend and then price might broken down below grey line represent the average particpiant for the last 100 days price average. Buyers should hurt and when it come back to break-even zone for the buyers want to sell more which is pressure the price to go down even more
The characterized as "Spring". It is called so because it has the energy of a
compressed spring. Very often is a predisposition to "Impact Trend". The pattern "Spring" has a
strong accumulation of the volume at a low price volatility. Location necessarily near the border
of the channel or important levels.
Mid range my bias toward price of gold is uptrend because confirmation on 12/12/2016 confirm the down trend is over. Now gold is developing triangle or Apex between range @50% fibo ( swing trade setup)