Gold has held above 1200 support and is coiling into a very tight range. Friday we saw a failed new low, which suggests that bulls could be looking for at least a stop run day to test the top of the yellow trading range at around 1232 spot price. Above 1236 LVN opens up 1262.
The most bearish scenario is a breakout failure that could send this thing tumbling down the tunnel as the overall trend remains bearish. The most bullish scenario one can hope for is to hit 1200 first before bouncing up to 1262.
The most bearish scenario is a breakout failure that could send this thing tumbling down the tunnel as the overall trend remains bearish. The most bullish scenario one can hope for is to hit 1200 first before bouncing up to 1262.
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A 4H rejection candle occurred. Favoring upside move at the moment.
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To trade BoJ, FOMC, bulls should be looking for flush and rejection plays. A solid bounce off the recent low at 1211 would provide nice long entrance. 1236 still key level.
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1236 key level above, 1200 key level below.