Good Morning Traders,
Looks like Gold is approaching macro resistance at an algorithmic level (75% of range), which has a little too much confluence to ignore. It's rare that you see this much confluence on so many different levels, but when you do you see something of this nature its reasonable to anticipate a sharp reaction from it. Alongside that we are also approaching the date for an algorithmic shift to occur in the market place.
Furthermore this complies with what we are seeing in other markets such as the US Dollar
DXY
Looks like Gold is approaching macro resistance at an algorithmic level (75% of range), which has a little too much confluence to ignore. It's rare that you see this much confluence on so many different levels, but when you do you see something of this nature its reasonable to anticipate a sharp reaction from it. Alongside that we are also approaching the date for an algorithmic shift to occur in the market place.
Furthermore this complies with what we are seeing in other markets such as the US Dollar
DXY