Precious Metal (Gold) Update 10/09/2016.

Looking at this daily chart of GOLD, it is still range bound  in the medium term, since June 24th,with it’s short term bias is now to the downside. Resolution of this trading range ( boundaries marked with Red Support and Resistance lines) would give us an indication of the next likely major move. OBV (On Balance Volume) at the bottom window is still holding firm and strong which may suggest a potential re accumulation trading range.

Retest of the most recent low made on 1st of Sept. may hold the key in the short term. If that ( most recent low) was the Wyckoff Spring, a successful retest is expected over the coming sessions.

Chart is courtesy of StockCharts.com

gold10092016

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