I got stopped out from previous Long (open 1309 / SL 1299), as the yet oversold gold has become even more oversold. Looking at the Daily Kumo (which is a support zone now) and the trend on the 4 Hrs chart, it is time to pay attention to px action again. I doubt Gold can come down to the real value buy zone at 1280-1290, so watch rather if price breaks above 1300-1305 again with Stochastic turning up bullish. The trendline is perfect both on 4 Hrs and also on 15 mins time frame. Once it breaks, we might see a correction op to 1320-25, maybe even to 1335.
I also hv a feeling that some of Gold wekness was due to a proxy on back of USD strength. However clearly USD Index is not performing too good, no real story on USD crosses. If price action stays as weak as it is on the USD, it may also give a better chance for Gold to spike higher.
I also hv a feeling that some of Gold wekness was due to a proxy on back of USD strength. However clearly USD Index is not performing too good, no real story on USD crosses. If price action stays as weak as it is on the USD, it may also give a better chance for Gold to spike higher.