Lots of people expected gold to drop further after the interest rate hike, but...nope. If you remember, I hinted at a gold up move at the start of last week (idea linked below).
Regression is still bullish and so far we haven't really had much of a pullback after the jump up. I prefer longs above 1223 and would consider long entries around 1223, 1227 and a break of 1231. At the same time, I'd keep an eye on what price action does around 1231-1234 in case a double top forms.
If it drops through 1223, expect it to stall a bit around 1210 (top of the "boom day" value area) and then of course the round 1200 figure...which is the last lower unbroken point of control.
Cliff notes: Overall bullish bias above 1223 but would like a bit of a pullback to hop in. Keeping an eye on a possible double top around 1231-1234.
Looks like we're gunning for 1234 again. A clean break is super bullish...but this could be the start of a double top. Not a ton of bear momentum though at the moment.
@MoneyFlowTrader, well...it does still look very bullish and we're scraping along the very top now:
I probably can't short this above 1229 even if I'm getting a pretty good price for it at the moment. Bear momentum simply isn't there (yet). Will definitely consider it should the regression indicator drop below 0.000 again.