I am more neutral on gold, I see a weak retracement of the current bounce from the bottom set a few weeks ago.
This could easily continue a bullish rally as emerging market concerns are continuing to drive investor fear.
All in all could mean strong demand for gold as a safe haven.
I would look for 1210 to be broken and a strong close above this area for the bullish relief to continue.
Otherwise bears will look to take charge for a run back to 1160s (maybe lower)
As always, there is room for both sides to profit in this market.
Bears may hold for a deeper retrace before exiting, bulls may be looking to buy said retrace.
There is alot to look for in this week ahead especially with Non-Farm Payrolls on Friday.
Trade safe, trade well.
This could easily continue a bullish rally as emerging market concerns are continuing to drive investor fear.
All in all could mean strong demand for gold as a safe haven.
I would look for 1210 to be broken and a strong close above this area for the bullish relief to continue.
Otherwise bears will look to take charge for a run back to 1160s (maybe lower)
As always, there is room for both sides to profit in this market.
Bears may hold for a deeper retrace before exiting, bulls may be looking to buy said retrace.
There is alot to look for in this week ahead especially with Non-Farm Payrolls on Friday.
Trade safe, trade well.