Despite the fact that Gold had a bearish session overnight, I would like to define our position with Gold in the next higher TF and keeping an eye on our charts, and judging it by it’s own action. My long term stance with the commodity is still bearish as per the PnF chart posted while back. This said, it doesn’t mean that there may not be short term bullish swing which may at least last number of days in duration. Similar to that of OIL .Wheat is gone gang busters as we would all know !
$1180 – $1215 is a zone of support to watch on this front going forward. Support in this zone, at least temporarily is expected as the price action is headed that way in the short term. Failure there, may suggest a retest of the December 2016 low at $1124.
To identify some potential short term swings and round-abouts, shorter time frames like daily and hourly may be beneficial.
At the lookout watching for now. Who knows what may happen in the current climate where tweet of some sort may move things fast in either direction !
Weekly chart of Gold is courtesy of StockCharts.com
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