Gold trying to rebounce after ECB speech
As seen yesterday, we anticipated a rebounce around a price of 1413. The ABC wave we drew looked like it was more of a ABCDE and the red support we had on yesterday chart acted like a charme to prevent the prices to fall further. The 4th wave might not be over and we will wait for the bullish flag to be broken at 1417-1418 to give us a bit more of confidence in it for the very short term. The orange line will then act like a resistance and then macroeconomics might lead the way... or change our plans
Reminder, my SL is placed just under 1409.
Bouncing back on the 1410 was mostly motivated by the ECB speech that - yet again - reassured the market. Traders are anticipating rate cuts from ECB and FED, so that would give a huge boost to Stocks & Commos. This rate cut should occur later this month it is said, let's see...
Meanwhile, the inertia is playing against the GOLD and prices are slowly falling with very little volume, tomorrow's US unemployement rate and the number of new jobs in the non-agricutural field will be crucial to sustain the rally. Anything below expectations will be great for GOLD and will reinforce the rate cut probability, anything above expectations could see the GOLD drop to 1400 (depends on how far it is from expectations).
Reminder, my SL is placed just under 1409.
Bouncing back on the 1410 was mostly motivated by the ECB speech that - yet again - reassured the market. Traders are anticipating rate cuts from ECB and FED, so that would give a huge boost to Stocks & Commos. This rate cut should occur later this month it is said, let's see...
Meanwhile, the inertia is playing against the GOLD and prices are slowly falling with very little volume, tomorrow's US unemployement rate and the number of new jobs in the non-agricutural field will be crucial to sustain the rally. Anything below expectations will be great for GOLD and will reinforce the rate cut probability, anything above expectations could see the GOLD drop to 1400 (depends on how far it is from expectations).
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