I have been observing gold bear swing since that rejection on level $1162. I was just curious if the rotation back down in the direction of the bearish trend would shoot past the 55% 61% fibs but I see the 50% fibs held. Price is again at the pivot resistance level and it has to shoot through today to maintain that higher low bullish momentum, then test the $1162 level once more to maintain the bullish bias. This was what went through my mind as it hit the rejection $1162 level on the way back down as a likely scenario or just the straight continue drop to test the support.
There is currently a sell off in the bond markets UK, Ger US so the expected yield spike is now beginning to take hold as the market is factoring likely Sept rate hike. Very odd but the market is usually right? If this is the scenario of events then maybe the gold hedge against inflation is coming back into fashion or is it a fear hedge against the continuing sell off in stock markets.
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