Gold Update * March 8

NFP brought intense selling pressure. Gold sol $18, testing $1560, facing important buying action, thus rejecting price into lower value areas.

Although I am keeping my downside bias, the (buying) response is undeniable and should be taken into account, specially in the short-term, where I’ll be keying into further follow-up from buyers.

Image

Thus, the following scenarios:

a-) containment between the (newly modified)  balance area $1586-$1560

b-) Buyers maintain the pressure into $1586 (not a mere “test”, that is). Then, I will be looking into $1592-$1590, followed by $1596, which will bring it closer to the $1600 mark. ABove, I will be keying into $1603.

c-) Alternatively, sellers keep control of the situation. In this event, $ 1567 is an important price point, followed by $1560. I{m working here with the idea that the recent test/break of balance into $1560 is a clue of eventual (further) downside.

$1555 is a key price point, followed by $1552-$1550 (watch out with this round and perfect number)  & $1546-45, as references.

DP.-

Advertisements

One thought on “Gold Update * March 8

  1. Pingback: Gold Update * March 12 | Demian Pack

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s