here is my analysis on GOLD. This is the first time I publish a review for this commodity futures. Hope you enjoy the review.
Gold reached the 1,336 level where the resistance area extending to 1,364 starts. Our model of Program Trading activity on the daily timeframe shows that selling could resume in this area. In my opinion Gold will not be able to push above the 1,406 level.
If we saw the lows of this cycle at the end of June (i.e. price is not going to print new lows), even if down move resumes it is my opinion that we could see a retrace into the 1,265 area.
Below the 1,244 level it is possible for price to find a bid in the 1,225 area extending down to 1,214.
The related scenarios 1, 2a and 2b are showed in the above picture.
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