Ugly start to the day on #GOLD.
We broke below last weeks lows after a lengthy consolidation. We setup a tight b profile for Jan, and now having broken below, sellers in clear control till price can get back inside value.
Therefore unless price can get back above 1830 at least, big downside risk.
A lot of interest around 1750, but dipping below 1700 is also in play.
Price can bound off any level - wat is important is to recognize risk, and where price is trading.
We have seen a lot of quick buying around these areas before, but looking at last month/week price action, a lot of volume is on the wrong side at the moment.
If price can get back into value, that would b a strong BUYING signal, as this would have been a liquidity squeeze for demand to reload. But as things stand, risk is to the downside.
Watch & see how it plays out!
We broke below last weeks lows after a lengthy consolidation. We setup a tight b profile for Jan, and now having broken below, sellers in clear control till price can get back inside value.
Therefore unless price can get back above 1830 at least, big downside risk.
A lot of interest around 1750, but dipping below 1700 is also in play.
Price can bound off any level - wat is important is to recognize risk, and where price is trading.
We have seen a lot of quick buying around these areas before, but looking at last month/week price action, a lot of volume is on the wrong side at the moment.
If price can get back into value, that would b a strong BUYING signal, as this would have been a liquidity squeeze for demand to reload. But as things stand, risk is to the downside.
Watch & see how it plays out!
