USD bulls melting the gold again!
After the ‘surprising’ growth of gold on Friday, USD bulls decided to cool the metal down all the way to 61.8 fibo return of the friday growth. But as I pointed at my analysis from thursday, area around 1180 will be a very strong resistance. Friday $ 46 up, from 1332 to 1178, Monday $ 30 down from 1178 to 1148! Well, that was the hell of the ride on this roller coaster, squeeze the shorts, squeeze the longs or? Who cares!? Let’s take a look what we have technicay now. At the begining of the day, it looks like the gold recovers to 1155 for now, aiming to the resistance level at 1160, Could the gold get there during the Asian sesion or it will be back to test 1148/50? I don’t think that gold will fall toward 1130 but they could erase all gain here with no problem. On my oppinion there could be a possible consolidation range today between 1148 and 1162, but as I use to say, trade what you see, not what you think, and therefor watch this levels. I am on the trip tomorow and I wish you a happy trading, must sleep a couple of hours now. 🙂 See you!