Losing its luster as of late, on an announcement the South African mine is still having labor negotiation problems, gold strangely sells off when production will be halted further. On Monday it lost over $15 breaking a key support level at $1739 and hitting an intraday low sub $1730. Before the major sell-off yesterday, it formed three inside bars, and then started the impulsive sell-off. It has since then formed another inside bar, so a pullback towards the prior swing lows might offer an opportunity to sell the rally for bears.
Bulls on the other hand will look for a corrective pullback into the $1730 lows which is showing a strong pin bar on the 1-hour chart, which is part of the longer rejection from the large bear candle and selling pressure today. This may be signaling buyers picking the metal up on the dip, so there are plays on both sides.
Global Market Commentary:
Stocks in Europe and the US climbed with solid US and Chinese numbers, with the latter showing stronger exports and the former with strong US retail sales beating expectations.
Spain is on the brain for investors as there is the widespread belief it will ask for financial aid from the EZ in November to shore up its troubled economy.
The Dow Jones ended up 95 points while gold lost about $8 on the day.
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Gold Inside Bar Setup
Published 10/16/2012, 04:05 AM
Updated 05/14/2017, 06:45 AM
Gold Inside Bar Setup
Gold
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