Gold Keeps Falling, Breaks Below 1200
Gold slowly consolidated today after selling off 5 points at the start of the overnight session. Then at the end of the day, price fell through the magical 1200 level (magical only because it's a nice round number :-) ). We now await the non-farm payroll numbers tomorrow at 8:30 am EST. If the ADP numbers yesterday are an indication, this number may beat the 200k forecasted.
There are now 6 consecutive Heikin-Ashi candles (see my indicator at bottom of chart) and price has solidly moved past all moving averages and the Ichimoku Cloud. There are 2 key support levels coming up. The first is at 1190 which is a low volume node on the Volue Profile chart (see below). The second is @ 1177.5, which is the 23% fib retracement from the election night high. This also corresponds to another low volume node at 1170 on the volume profile.
Disclaimer: This post is for information purposes only. All trading is at your own risk.
There are now 6 consecutive Heikin-Ashi candles (see my indicator at bottom of chart) and price has solidly moved past all moving averages and the Ichimoku Cloud. There are 2 key support levels coming up. The first is at 1190 which is a low volume node on the Volue Profile chart (see below). The second is @ 1177.5, which is the 23% fib retracement from the election night high. This also corresponds to another low volume node at 1170 on the volume profile.
Disclaimer: This post is for information purposes only. All trading is at your own risk.
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