Now I have seen some crazy moves in my carrier, but never really an instant come back from a dive like this.
It is possible of course, but Pattern wise – if tomorrow Gold hits straight up again, and doesn’t break to the new high , it will be just mere dying fish reaction – and then it will start downwards.
It was overdue for a decent correction for quite some time, so let’s see how it develops.
XAUUSD getting smacked… not sure if this is the case but when other markets sell-eff those looking to cover or offset losers or free up margin look to close winners elsewhere.
See my earlier post about looking tired and key support level.
More logical to see USDJPY below 150 than above but would need to get through a 149.20 double bottom and 148.84 low to put fresh pressure on the downside.
While 150 is clearly pivotal, only above 150.73 would negate the downside risk.