Two central bank surprises in one day is two too many. I wonder if the FED will also pull a Swiss next week. The Euro is currently getting settled after re-re-retracing it's initial ECB QE pre-release move, but the BOC rate sent the Loonie in one direction and left it sitting in a fine position to play the rebound against USD and Yen.
Gold behaved itself and chose a sensible pullback on as-expected ECB QE (albeit a day early), making for a good place for a long entry/stop. With a new QE program just announced and Germany repatriating 120 tonnes of gold I'm tending to think upwards, but that will depend on the 23.6% pullback to $1,285 holding through the Asian session. If so, the next move up should be 27.2% extension to $1.323, otherwise the 38.2% Fibonacci at $1,273 needs to hold for short-term longs.
I think 2-hour RSI will likely resettle on the 50 on a retest of $1,285 and the 4-hour/8-hour RSI are both sitting on an ascending trendline, all of which need to give way before I'm interested in short-term bear trading. Until then I'm bullish.
Gold 2-hour
Gold behaved itself and chose a sensible pullback on as-expected ECB QE (albeit a day early), making for a good place for a long entry/stop. With a new QE program just announced and Germany repatriating 120 tonnes of gold I'm tending to think upwards, but that will depend on the 23.6% pullback to $1,285 holding through the Asian session. If so, the next move up should be 27.2% extension to $1.323, otherwise the 38.2% Fibonacci at $1,273 needs to hold for short-term longs.
I think 2-hour RSI will likely resettle on the 50 on a retest of $1,285 and the 4-hour/8-hour RSI are both sitting on an ascending trendline, all of which need to give way before I'm interested in short-term bear trading. Until then I'm bullish.
Gold 2-hour
You can always make money tomorrow provided you don't lose it today.