GOLD BULL Since GOLD has cleared out most of the Bears along multiple time scales up to 4 hours (IntraDay).
Its Left for DAILY RSI to hold support at 50. Which it has done for the whole week. The longer its held, the more legitimate it is. (Check yesterdays Buyers launching at this level)
This is inspite of all the pressure from DOLLAR buyers who want the greenback to be strong.
Technically, what brought GOLD down was Double resistance ( Down channel of 4 hours & larger Mid Channel resistance )
Theres an extreme vacuum of GOLD buyers, on this Strong support. I speculate an insurgence of GOLD BULLS will drive this market UP hard...
Theres more room to move outside the previous resistances. Watch for Double support (Red Diagonal and Level )
Overall, the market wants another chuck at 1300 ... Its going to take every opportunity to get there
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