Great increase of upward movement today on greater than average volume. Prices closed very near the high of the day; however, even with the extra volume prices could not break resistance (C).
The next few trading days will be very important. If the rally falls and this creates another lower high below resistance (D) then I believe we are seeing larger scale distribution that started on 11 Feb into the "buying climax" (BCLX).
A failed "rally" would likely have to test support (A). My bias is bullish GOLD despite my present thesis that it is undergoing some distributive pressure. So I speculate that we would begin to see some "reaccumulation" around $112.
Good Luck!
The next few trading days will be very important. If the rally falls and this creates another lower high below resistance (D) then I believe we are seeing larger scale distribution that started on 11 Feb into the "buying climax" (BCLX).
A failed "rally" would likely have to test support (A). My bias is bullish GOLD despite my present thesis that it is undergoing some distributive pressure. So I speculate that we would begin to see some "reaccumulation" around $112.
Good Luck!