For the present, gold has stopped declining. Whether this will lead to a change in trend remains to be seen. It takes time and a lot more volume effort to change a trend. Last week's close puts gold about in the middle of its TR, [Trading Range]. In the middle of any TR is where the level of knowledge it at its lowest, for price can go in either direction and still not change the trend within the established bounds.
What is most reliable in defining the character of any trend is the retest after a move of any degree. If 1330 is retested next week, it will be a continuation of recent relative strength. What will be important is HOW the next retest develops, be it from 1330 or last week's rally high.
If the trend is to turn upward, the next correction should show smaller ranges down, and volume should decrease, indicating less selling pressure. A correction should also be less in duration, lasting 3-4 TDs lower, for a relatively stronger trend, to 5 -8 TDs, which would be more typical in a weaker environment, which is where gold is now. [TD = Trading Days]
Gold's Update (zt)
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• 是,金价1240:the higher low. -Laoxisi- ♂ (6375 bytes) () 06/23/2014 postreply 06:17:14