On my last gold analysis, I said I saw buying coming into this market and expected the up move to continue and to buy the dips today. Well, this was the case. After a corrective down move from Friday's high, we formed a demand zone on the smaller charts and rallied $22 up to the first supply zone near 1590 that I had identified in my last post.
The rally was on low volume as I expected, but I still think price will continue up to around the 1600 - 1605 level. After that, I will have to assess if this is just another stop hunt by the MM, taking out the SLs of the short traders before crashing further down, or that genuine demand is coming in.
Here are the charts
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