Much better and different to AUS200 which is supposed to be a close facsimile of the XJO. It's not. The price action is way different - and not so nice to analyse.
XJO shown here shows where supply may come in. The trend is showing signs of weakness with smaller high end closes. I don't predict - as no one can, but we are in an area where price may start to go...
Though bearish in the background, having already broken through support, gold has shown two springs to get going again. It has to break the next overhead resistance with good voume at around 1319, otherwise there is a danger that it could remain in the current trading range or fall through the second ice support.
Trying to spring on this 4 hour bar. Nearly 3 hours left. See how we go. With a bearish background, this is more likely to fail. Price action needs to break out of this range with good volume to call a change in trend. We are not there yet
Entering resistance area. Interesting, despite large volume in the last few days, price has failed to make any progress. Effort vs Result. Sign of possible distribution. This is the place to exit longs and wait to see what a pullback looks like
Building cause in this trading range waiting to break out on either side of the lines. Need a sign of strength (SOS) bar (large range with volume) to provide a clue as to the direction of the larger move.
I don't really follow it, but if you're looking for areas where it might bounce (not where you'd go long in the first instance), I'd be looking at these demand (support areas). Price can have the propensity to overshoot these levels to trap traders going short on a breakout. Those buy orders (stops) give fuel to any buying rally. These levels are not necessarily...
Critical level here. Could be a last point of supply (LPSY). Otherwise there needs to be a lot of buying volume to come in and move price through this area. The other scenario is that the market moves sideways/pullback.
Market has to follow through otherwise we could drift. Some selling volume seen last week. Coming up to some large supply (resistance) areas. Slightly lower close last week. Very interesting. Sideways - is another way this market could move over the coming weeks.
Weekly bars shows a very important different perspective. Diminished demand and a close below last week. Still no selling. Again we need strong follow through for bulls to indicate they're in charge. Other alternatives is that the market can go sideways for a looong time from here.