@sydneyguy [ATTACH] The break of $1300 up was most likely NK-US...

@sydneyguy



The break of $1300 up was most likely NK-US breakdown of the meet in Singapore then the back on schedule cause fear to subside. The chart is saying that a break of the KEY $1300 without follow through is just a spike and there are plenty of bull swing in a bearish momentum as we are experiencing.

It is almost a perfect down trend rejection If $1282 can hold and not get tested, then maybe a low is in place but the odds favor a continue down move at this stage. Double whammy for the local gold producers at the moment as the AUDUSD low is holding with a double bullish pin bar forming 2 consecutive weekly candle.

Plenty of opportunities to be buying gold sector last week but I am not convinced there is any significant move especially with the tax loss selling kicking into full swing.