GOLD, what a nice ride!
Nice roller coaster on gold yesterday. I wrote in my previous gold analysis that, it looks to me that gold is overbought at 1249, but as I expect from the buyers to reach 1154/57 at first anyway. Well, they have reached 1153,27 after which the sellers have take over and returned gold strongly down, all the way to 1221 again. Even I have pointed that level as an first serious support in my analysis yesterday, I didn’t sow it coming so fast. The buyers have took over again at 1220/22 during the Asian sesion and retun the gold up to 1240 early in the morning. Really interesting and a bit nervous move, but I wrote a few days ago that gold will act strange in the coming days, which is obvious when you see this. Now, the gold lovers have 1140/45 again as an resistance at first, 1154/57 is the next one. On the way back down, 1135/30 is first minor support, 1220/22 the stronger one.