8DC Gold P&F

XAUUSD $2 Point & Figure Chart http://www.eightdragonscapital.com

The sharp rejection of the overnight lows at 1810, point to a potential reversal for Gold.

According to our USD 2 chart above the sellers lost their momentum when the price moved back up from the lows to above 1818.00.

The subsequent recovery has seen a run at 1832 resistance, and although this failed the buyers remain in control for the moment.

The first support is now 1824 and then the key 1818. However, if 1818 is clearly broken the downside will come back into focus and we will retest the daily lows.

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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