We have had 2 strong bounces off the 1220 area, with both bounces hitting above 1230.
It must be noted that the level we got rejected at (1240), is the bottom of the past low we made in October. It appears that passing this level is the gateway to 1280.
It will be interesting to see if gold even bothers retesting 1220 again in the next few days, rather than attempting to make new high. I will also be paying attention to grandma's speech today, and seeing if she strengthens the USD.
It must be noted that the level we got rejected at (1240), is the bottom of the past low we made in October. It appears that passing this level is the gateway to 1280.
It will be interesting to see if gold even bothers retesting 1220 again in the next few days, rather than attempting to make new high. I will also be paying attention to grandma's speech today, and seeing if she strengthens the USD.
