Gold price, page-9290

@V* - Hi
"It seems to have held well at $1162."
What is the exact technical significance of this figure?
Also you mention, lower highs (which we've seen since late July). Also lower lows (DAILY Chart).
I've drawn some red arrows (not trend lines, just pointing out direction, in case it's not obvious - I learned long ago that what's obvious to one, may not be obvious to the other). People see what they want to see, based on belief systems.

The rate of decline appears to be deteriorating...what do you think? In fact, last month was the worst month for gold in 2, I think 3 years despite "gold-friendly" news - US Election outcome...which proved not to be friendly at all, creating a risk-on environment, with little reason to buy gold i.e. "safe haven", etc for times of econ risk and so on. The market has spoken, and spoken very clearly,. All markets, for that matter, in all major asset classes (and minor, which would include PM's)

The general understanding is that it's far easier for something to fall - with a violent ferocity, a cascading waterfall effect - than to climb back up thru hundreds of dollars of supply overhang / overhead resistance (there are real people with real positions there, and hurting badly, ready to sell, if not to short). And this is exactly what we see on the chart, can't get thru a single one of those successively lower peaks, not even on Trump candle. It "magically" stopped at the high of the last lower peak (not magic at all, in fact...precision engineering).
There's no such "resistance" below the current level..look left from current price and what do you see? Nothing. Blank empty space. No liquidity. And certainly a Shiite load of stops there, as well.
Very easy to take out, by which I mean, potentially profitable trade vs. going counter trend (long) , and into so much congestion above.
This ("space") is not the case if you look up. A huge amount of traffic, chop, congestion. Very hard to trade there, very unsatisfying, unrewarding...not encouraged (by those much smarter than me). Think about it.

On an even more human level, fear drives price to falling harder and faster that it rises...and indeed this is what we've been seeing, Support after Support being broken, despite so much "gold-friendly" news (which it wasn't - Brexit, Trump - once in a generation events)
Anyway, just my 2 cents. I'll probably get slammed.... But I'm just saying what I see.
DISCLOSURE: No position held in any markets. No vested interest
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