A plunge lower Friday through key support at 1178 saw a switch to a broader range theme, BUT the strong recovery effort Monday has rejected a more negative theme and leaves threat of a resumption of a bull theme above 1210.
We see an upside bias for 1207; break here aims through 1209/10, which we would look to try to cap. Break targets 1216, maybe 1224/25.
But below 1198 opens correction risk down to 1186, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the range defined by 1159 and 1210.
Range Breakout Challenge
Upside: Above 1210 aims higher for 1224/25 and 1244/45.
Downside: Below 1159 sees risk lower for 1142, then 1111 and 1100.
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2 Hour Gold Future Chart (June contract)
Daily Gold Future Chart (June contract)