From Today's Forecasts:
XAU - TESTS SUPPORT AGAIN AT 108 BUT THIS TIME CLOSES UNDER 108 -
Earlier this is what we said about this 108-113 range in the 7/5/16 Forecast for XAU:
Now that it is over 100 we cannot rule out a test of the range from 108-113, which should be tough resistance
In fact this 108-113 range has been very tough... although the XAU has managed to test 114 on four occasions, it never closed OVER 114 even once... but on the other hand since 7/29 the XAU crossed back over 108 and held it until Friday... the close under 108 on Friday at 107.69 is a bearish outcome for the XAU. So while we could see this immediately return over 108, if we close a 2nd day under 108, the conditions are set for a retracement... but in fact we don't have to even test 108 here and could be headed lower immediately... so that's the position from which the XAU starts this next week. That's it in a nutshell - XAU closed at 107.69 - we see resistance at 108, 110, 113 and support down at 105, 103, 100
