Not much sell pressure on yesterday's test for XAU see if it will find support this time off $1,800 for me unclear ATS. Daily candles are finding support off 21MA so if Asia and Europe follow suit 21MA and round number $1,800 the area to find support. Large $20 swings in first hour of US trade yesterday then bears won. I wouldn't discount a retest below $1,800 looking at how long it held up through this area plenty of resistance last year and recently and this is based off lowish volumes hence not convincing. My mark ups are still looking at the late June inflection point for bounce off recent DB support off long term trend line, descending channel meeting same trend line and macro events in Basel, now visible inflation, market cool offs and QE Tapering (unadmittedly)
2 x charts in Home Builders & supplies and retail starting to correct people are concerned about debt this is the initial signs of supply chain/liquidity trap. Gold miners cooling after a good few weeks also...Interesting times ahead for sure most traders in cash or short term positions only.
TNR Price at posting:
5.8¢ Sentiment: Hold Disclosure: Held
