technically, gold has been in oversold territory (according to my settings). and last friday price action demonstrated that selling pressure is becoming less. and there is a clue about buyers coming in. as long as gold is above 610, it would rebound to 625 level. but closing below 610 in a couple of days would create more selling. let's see on monday and tuesday. gt
gold fell around 3% last week. before it fell, it signalled many days in advance that there would be more selling. how do we know if it was weak last week before it fell about 2.5% in one day? i believe most of technical indicators are showing to the downside and if you trade with trendlines and patterns, we can clearly see it. i attached a chart that was showing the weakness and before 2.5% fall within a day. however, technical analysis works when it works. otherwise, it doesn't. gt
gold-spot is forming a profitable pattern. we will only know if it works or not by the end of the day. gt