Bond markets were closed yesterday due to the US holiday. We saw some profit taking and buying throughout the day yesterday. Below is a technical overview for your consideration.
Price found support at MS3 which coincides with the 38.2 Fibonacci of December 2015 low and the July 2016 high. Resistance is highlighted in the fob zone above price and bottom of the previous range.
Price opened at WM2, came up to the H4 21 and dropped though has not made a lower low. This could be due to bond markets being closed yesterday or due to Gold currently being oversold. Resistance is identified in the pink highlighted zones.
Gold was bought off the 38.2% Fib during Asia. Resistance is identified in the pink zone between DPP and DM3 with the next level of support between the 50% and 61.8% Fibonacci, which coincides with the Bear daily profit zone.
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"When there is a gap you either commit yourself as a professional racing driver that is designed to win races or you come second, you come third or you come fifth. And I am not designed to come third, forth or fifth. I race to win. And if you no longer go for a gap that exists, you are no longer a racing driver." Aryton Senna