Everyone is Busy with Daily and Hourly charts,So I have stepped back and trying to shed some light on Monthly as it is at a very Crucial Decision point.
Falling Trend line from all time Highs we hit in 2011 is here to decide the faith of Gold ;)
Short Term Correction at least to $1200 is expected in coming month or two, it may not come in light of some Big Global Risk event.
Big Supply zone at $1500 - $1600 which is also a important Fib level.
Best Demand Zone from a Decade perspective is lying at $980 - $890 which again is a important fib level.
Medium Term Traders Look to Buy around $1200 levels and look for break of the falling trend line.
Long Term Investors should Buy around the marked Demand Zone as it will offer them best risk to reward ratio.
I hope i have not disappointed anyone neither Bulls Nor Bears :) I have something for everyone ;)
That Monthly Candle Does not look pretty at all guys be careful.
My bias is still Long Above $1375.
Cheers :)
robin_bajaj_7
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Gold going above 1380 and close above 1400 will be very dollar bearish this happens if we get a weak number on NFP expectation is 180K so weak would be around 100-120K i guess
pmcllc
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good decision point
CoreyM
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The decision time trend line you mention, I have it on my chart at 1357.7 as of today.. I connected the 2011 high and the 2013 high.. and we closed above it on the monthly by .20. So hopefully, so far its good for the bulls!
That Monthly Candle Does not look pretty at all guys be careful.
My bias is still Long Above $1375.
Cheers :)