Gold has made its path on medium term. However, last night PMI helped gold redeemed some buyers (maybe too early, maybe not). As it s seen is turning flat, so as long as gold is maintained above 1304 (especially 1309). with that support the longer the holding, the longer the chart might turn the otherway ( cut, which might neutralise bear view).
Directional has decided to part D+ (which made a strong case by touch of 1342) for a while. In turn, D- extreme point 1309 is also breached on tuesday, so it opens more move for side.
So all in all, 1309 seems to be the cut-off between bear wake-up, or bear sleep. But looking at a flag and major trendline, as well as daily oversoldness, coupled with very low DX reading, 1290-1295 could be the zone bear can touch its paws before exhaustion.
On a bull side, i dont know where baby bull can be born. but breach of 1340, better yet 1352 for now, could see a teen bull to the upside. and NFP is known to make $30 move in one swoop.
so although above 1309, below 1340 still smells fishy loved by bears. But not discounting the fact that a close above 1330 is challenging.
NFP is a game changer, which nobody can guess, except the Fed.
1309, esp 1306 to watch. there was a gap 1307-1309 last night on my mt4, might be some missed orders there.
weak response, closed and reversed
Supply area re-tested. Long opened prior to NFP
So Weekly and Monthly Pivot (ard 1326-1328) has proven a tough net to break. 1330 is absolute strong wall. But now that it is touched, the resistance strength should be weakened.
The question is where will US take us to close the day, the week, and open a whole new daily candle.
Will investigate how tradingview gives 1306-1307 as low where my mt4 gives 1301 as low. something is a miss.
1316 S/R area, longed