Following the release of the CPI Data, Gold dipped from around 1680-82 to the strong pivot of around 1642. However, as all the market financials reversed in a rally that recovered all the losses/gains, Gold appeared to have made a .786 retracement to around 1672. The yellow has since maintained its downward trend back to 1663.
If 1660-63 fails to offer the...
Gold has failed to break above 1729 for the 3rd day, settling around the 1700-1727 area. Probably waiting for the NFP data release on Friday, 7th October.
A break below the 1695-1700 support will push gold to lower levels - 1680s, 70s, and ultimately 60s for the next support.
Gold has reached a critical resistance Zone. The region 1700-1720 yields a strong Shorting Zone.
Rejections around this zone will provide a great opportunity to short. A break out above this zone could see the bulls push above 1735-1750s.
