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With many hedge funds having moved into gold and gold being a one-way trade for the last year, the
current price action may signal that trend is coming to a close. If the uptrend is broken, then the movement of the
large funds out of gold and the retail traders in the gold EFTs could start a sharp downmove.
This weekend in reviewing the gold charts I feel the 1350 is the current support and 1320 is the next level.
If 1320 fails to hold then the sharp correction scenario may unfold.
Here is the graph for "Expect some fighting in the wedge area 1353 to 1345.
(could get bounce to 1355-1358 and then down?).
Additional comment was " 1340 should offer defense line for the bulls (see daily graph with comments in blue and my zig-zag lines indicating the battle as the bulls defend the 1340 line which I meant for possible several days ahead as I drew it on a daily chart)
(I gotta get to bed earlier!!)
In any case as of this posting time the bulls have defended held the 1340 line as expected.
So to recap we had the fall to 1365. Then it fell further to the 1340 area. 1330 is the next line. It might hold longer.
)