DislikedAny chance 1120 and 1209 ?? For me I am waiting and love to see a Bullet V ShapeIgnored
I was expecting gold price to respond well to 1131 level by bouncing back with a huge candle going back towards 1141. But instead, it kept on flirting with that level and Comex actually closed below it.
There is no US data on Monday, I will monitor how Asia opens, and based on that I will decide if I should remove my longs or keep them. IMO gold may see resistance around 1141 on Monday, but the way it reacted to 1131, it seems likely that it is heading for 1124, 1100, 1080 in coming weeks. We are now in a completely new waters. However, the kind of bounce back you are looking for maybe around 1080.
Also note that the normal trading is bullish but change due to USD is very bearish. My analysis is that USD will keep putting on pressure, due to the fact that Fed rate hike is now expected earlier than later.