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Commodity Analysis Spot Gold XAUUSD
Time Frame : Daily Chart
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Spot Gold XAUUSD
Spot Gold fell off the highs much to the surprise of many even as equity markets went into meltdown. There was news of profit taking by some to cover margin calls, options expiry game playing and just general locking away any profits due to outright panic. Spot Gold will come back to life if we see more share market write downs in the near term but still expect that Gold Bulls have some work to do to reset and bring in fresh buyers. Watching for a retest of 1624 and washout of the level (which would correspond to a potential bounce in share markets) prior to higher lows holding and a new run up to key highs. Remember we have to remain patient and let the ENTRY SETUPS show themselves before putting risk into the market in this current environment.
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Commodity : XAUUSD
Current Price : 1645
Status : On watch for a push up through 1655
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