Here’s the 2 hour bar look.
Strange. We’re not used to seeing persistent downtrends that last for 8 days. Must have something to do with Sell Rosh Hashanah, Buy Yom Kippur.
And lest we forget, it’s that time of the month. Fed MBS settlement week. The last 2 days has that reverse headandshouldery look.
Here’s the 1 hour bars. Shows we’re in a 5 day cycle up phase. Weak for sure, but could strengthen. The test will be at 4480. Conversely, the sport test would be at 4463.
I have a preliminary 5 day cycle projection of 4500 if they break the downtrend. That’s also where the next resistance lines are.
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Meanwhile, for your educational reading:
Useless Banking Indicators Except for One Giant Red Flag
Gold’s Setup Has All Kinds of Potential
Take the Threat of this Triple Whammy Seriously Now
