Gold futures seems to have found some support after a broke down below 1185. But the short triggered didn't last long.
In fact, we had 2 consecutive hammers for past two weeks. Price close exactly where the break down point is.
If there is a follow through with a green bar, then the spike down is a bear trap which if cover their shorts, we could potentially see price shoot all the way to test 50ema or the underside of descending triangle top.
If strong bullishness continue, price would test the downtrend channel top of around 1400-1450 depend on time factor.
All gold related index, ETFs & stocks would encounter similar bullishness subjected to their respective resistances of individual chart to work on. (GLD, HUI, GDX, GDXJ,...
In fact, we had 2 consecutive hammers for past two weeks. Price close exactly where the break down point is.
If there is a follow through with a green bar, then the spike down is a bear trap which if cover their shorts, we could potentially see price shoot all the way to test 50ema or the underside of descending triangle top.
If strong bullishness continue, price would test the downtrend channel top of around 1400-1450 depend on time factor.
All gold related index, ETFs & stocks would encounter similar bullishness subjected to their respective resistances of individual chart to work on. (GLD, HUI, GDX, GDXJ,...
