August Gold Four-Day Balance | CQG News

▤ Summary

Over the past three months, August gold has been rotating within a balance range of 11700 to 12250. Three weeks ago, the market actually took out the 12250-balance high, trading slightly above it for three straight days. When a market trades outside a balance extreme, the two most likely scenarios are: In this particular case, the breakout attempt failed and the market took out the previous days low six of the next nine days, leaving a pretty large gap along the way. Additionally, 11850 appears to be a pretty solid support reference from a day traders perspective. If the market gains acceptance below the 11850-support level, the next likely target is the 11789-daily bar chart reference followed by the 11700-balance-bracket low.

▦ Linked Companies

CQG

$50M to $100M