Gold price, page-12727

Lastweek BDR's price action suggested a stop raid below the KEY 19.5C which was playing out on the weekly chart. Unfortunately there wasn't a follow through buying this week and suddenly 19.5 is the new resistance level price must snap back up.

Yellen's speech tomorrow morning and the 10Y yield is suggesting to me there will be something on their bond holdings reduction. This isn't great news for gold as the midpoint 1250-1259 midpoint of that range is providing the resistance. 7th, 10th & 11th break of the previous swing low provided subtle clue when it raided those stops that a lower low was in place.

I thought of entering BDR this week but the odds are stacked against such positioning because north of 19.5 - 25 is a sideway congested traffic in a continuous bearish trend.