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GC traded in a very narrow range yesterday and balanced around a key reference area. Overnight GC found initiative buying at the 1251.9-1252.8 zone. This is an attempt to break out of the daily balance zone. Responsive sellers where active at 1270.1-1271.2 zone.
Caution to today's trading: GC already put a move in and may be short-term exhausted. A move past the overnight highs may be limited
GC is attempting to break out of a sideways daily trading range
Heading into the open we have initial support at 1264.2 (last week's high), and support at 1261.6-1262.5. A break and hold below 1258.8-1259.7 sends caution to buyers as it may be a failed attempt to break out. Support can also be found at 1251.9-1252.8 which is the launching point for this move. Additional support can be found at 1246.4-1247.6 and 1242.5-1243.5
Holding above initial support GC can find initial resistance at 1267.2-1268.2. Above that there is resistance at 1270.1-1271.2 and 1274.3-1275.5. Stronger resistance can be found at 1278.3-1278.9 and 1280.6-1281.8
Overnight GC balanced around the launching point from last Friday's overnight session. Those trader's who went long on Friday got caught and were forced to liquidate their positions. GC is trading below Friday's midpoint and are testing Friday's lows.
GC is trading in a horizontal balanced area (daily). The attempted break to the upside appears to have failed. This doesn't mean we go all out bearish. We will go into today with a neutral bias based off of the daily balance.
Heading into the open we have initial support at 1248.9-1249.7. A break and hold below this, support can be found at 1244.9-1245.9 and 1242.5-1243.2 which marks the bottom of the daily balance area. GC may be short-term exhausted at the levels and buyers can still defend this area. A break and below this zone can hit some stops and bring in some quick selling, finding support around 1238.3-1239.3 and 1234.2-1235.2
Holding above initial support GC may find resistance at the launching point zone 1252.2-1253.1 Above that is 1255.1-1255.8 zone and the overnight high at 1257.5. Minor resistance at 1259.2-1260 and 1263.9-1264.6. GC may be exhausted at 1266.5-1267.1 and 1268.5-1269.5, which marks the zone at the top of balance and break-down from Friday.
This is what I see on my daily. Pretty decent resistance level we are currently at. Im bearish because of that pinbar that formed at the level but will wait and see first as the conflict for me is the obvious uptrend leading up to this point. Its only Monday. (Sorry for posting a chart, I hope you dont mind.)
From a larger perspective, I see consolidation at a key reference area, consolidating at the top of a larger balance. I feel buyers are "knocking at the door", only to break through.
Cool, nice to find another gold trader here.
I completely agree with you. I am going to wait for the 1st break either way and then play the first pullback.
