A close below $1331 in spot in this hour warns of a serious break for the next 3 to 7 bars. This indicator is not directional but indicates an increase in short term volatility. The good news is that as of late, Gold has been spoofed lower on stop fishing algos and subsequently bounced hard. As of this writing, Gold has filled its hourly gap and on a re- piercing of $1331 to the upside may slingshot to the other side of the bollinger bands. All we are saying is be careful if your time horizon is short today
Michael Moor weighs in on today's inside levels (basis dec. futures)
Sell against 13367-78; reverse above. Sell against 13443-55. If we break above here and back below, look for profit taking to come in. Conversely, get short below 13319-20. Buy against 13214. If we break below here and back above, look for short covering to come in.
Courtesy Moor Analytics Energy and Precious Metals Research
Email: Michael Moor Phone: 646-708-4612
Earlier this morning:
On Tap: Asian Recap and Market Drivers for Gold Today
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