Gold tacks on another red bar, it looks like it might close in between $1,255/56 in just a bit. It made it back up to the $1,260 for a short time this morning, ... before they ran it back down, making yet a lower low for the week, the $1,240 now seems very likely, unless of course they have a change of heart.
If gold doesn't make a U-turn soon and at least fill the pivot at $1,278+ and move back up and into to the base it gave up this week, ... it looks like the $1,231 could be next if the $1,240 falls, which should then be followed by the $1,223.
The lowers are bottoming, I see the MACD has now dropped two bars, as its lines never had a chance of moving above center, that should have been our first clue that a take-down was in play, it trailed that way for almost a month.
The W%R has now bottomed and I see the Stochastic is well below 20, so we should at least expect a stall here or some upward action very soon. I expect a run to the pivot and we go from that point, and we have to add 1/3 to index-pivots most of the time, indexes often overshoot the centers.
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