One can write a book about today action in the gold market. However, loyal to my relatively sharp and minimal writing style (I don’t like to waste your time) here are the main points in my opinion:
- Gold opened the week with a gap up –that is bad, the gap is now closed (and then some…) and that’s good.
- New volume record of 63,471 (100 OZ) contracts for Cbot gold futures
- Geopolitical tensions are treated as a short term opportunity for profit taking when the technical situation confirm.
- This is the great global gold bull market and as long as it going, hold your core gold position.
- Watch what the mining indices are doing, watch metals prices and commodities in general.
- Expect the unexpected.
- Technically – short term I'm natural to slightly bullish. I would like to see gold quietly consolidates around current levels for a day or two.
Suggestions & Requests along relevant comments are always welcomed!
Below is 4 hours candles intraday gold spot chart with two sets of Fibonacci lines and the most relevant short term trend line. No Elliott wave count update yet. Click on the chart for larger view.