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GC #F Supply with another possible Spring set up
The Fed’s decision to leave interest rates unchanged, was probably interpreted by the market as uncomfortableness with the state of the economy at the moment, with the result that some weakness was present in the markets Yesterday.
The previous low was taken out by 0.60 of a point and price closed below 1274.30 at 1271.70 Yesterday, invalidating the possible previous Spring setup. If price close above 1274.30 today, we might have another Spring setup. A close below 1267.30 will lead to more weakness.
Gold may start an advance soon, at least to the 1324.90 level in the near term. The best play will be to wait and see if price can close above the 1274.30 level and look for a long setup from there.
If the 1267.30 level is taken out more weakness may follow.
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