My target 270 was reached yesterday and 267(ext 16 aug candle low) is in play today. 267 is also a big resistance/support range which was threaten by big green/red candles through this year's swings, so this may happen again this week. Technically ADX (Daily) rise a bit since yesterday and looks like momentum finished its bearish parabolic cycle with yesterday daily candle. On lower TF price is still under lower KC(4H, 1H) with ADX = 40 still signalling raise (4H). Momentum started to strenghtening again in US session to bearish side(4H, 1H). I wrote few days ago that I don't see 263 (61%) test without retrace taken first, now it is changed. I keep my last sell and targetting 260-264 for TP and then will close my selling activity. As I don't see strong catalysts today in calendar (some Sterling data only) I'm considerating also that we can stay in consolidation range of 267-275 for today. Good luck
Trade ist aktiv:
With such a small amount of contracts on London and Comex traded today GOLD remain in consolidation range allmost similar with my chart 268-274 entering lower ADX sleep mode before tomorrow ADP NFP catalyst and Draghi as well as Ms Yellen speeches. We can see some of those 1 min zigzag efforts with ~100 pips range. For now price shouldn't get much lower than 263-260 and can bounce from that range as retrace can be in finish according to technicals.