So Gold opens up sunday night and drops easily. Many traders most likely went into the weekend assuming Syria would escalate, which it clearly did. Sunday opened and saw risk on attitude taking hold. Within an hour prices had dropped to 1340 which was bought by many catching the dip.
Since then Gold has been pressing higher.
My thoughts for today: If Sunday night was a trap for bears (it feels like one at least) is this current activity a trap being prepared for bulls?
We are pressing the 50% fib level and with DXY sitting at lows it is easy to see how this could simply revert back lower, trapping both bulls and bears in the same day.
Since then Gold has been pressing higher.
My thoughts for today: If Sunday night was a trap for bears (it feels like one at least) is this current activity a trap being prepared for bulls?
We are pressing the 50% fib level and with DXY sitting at lows it is easy to see how this could simply revert back lower, trapping both bulls and bears in the same day.