Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
Gold is riding on a sliver of a whiff of USD weakness, purportedly on the back of weak US housing stats.
Price is presently stalling at a familiar ceiling on the H4 (no surprises there).
And all my S/R levels on all four timeframes of reference are still being respected (no surprises there, either).
Just about the only time I see “strength” in the housing market is on the HGTV cable channel. Go figure.
Will US jobless claims and the UMichigan indices make themselves relevant again and take gold above 1430?
I’m taking new shorts with a tight stop above 35. (call me crazy)
It’s only Thursday!
Anyways, here are my (again) never-changing S/R levels for today.