I see it somewhat differently. I see a state between $1300 (approx. Support, nice round number), and 1360, remaining roughly smack in the middle for a while now. Call it equilibrium if you like. So people are confused.
This is reflected in ASX goldies, ...look at all of them,
about 1/2 up,
about 1/2 down (and a bunch unchanged, of course), day after day (am not referring to the weighted XGD) - but sadly more down than up today. (I have a big watchlist but not all ASX golds...if I could get such a list and import them, I would),
This is my chart below - the red candle of June 28 - low of 1,305.08, was the last attempt to run the stops (banks actually buying into that level) before the next green candle (i.e. a pair) re-starting the push of price up to the high of 1,360's, rejecting $1,370.
The top of the reddish rectangle, $1,326.07 is Support.
We have held that recently, and are at this moment at about $1,325 even, not the first time it has been breached (but
may close below) in this current leg down. i.e. it's been tested, but closed above, the last 5 sessions.
I don't know where it will close at end of session, which I believe is 7 am AEST tomorrow (5pm NY Time, Wed), and re-opens after a one hour break.
Perhaps it will close above. I don't know.