Gold Revisited

In a recent blog entry, we observed gold putting in a round bottom - A follow up examine is of interest.


The 20 year long month time frame view shows gold directly below it's 20 year Point of Control after rejecting defined resistance.  Day trading experience suggests chop at this location.



A 5 year weekly view agrees with the monthly time frame review "plus" shows the arrival of buyers.



The Daily View shows the buyers in an increasing presence, rescued of trapped traders, and possible targets.






Finally, with a 4 hour view, trapped traders back from November are identified as targets.   A 30 minute view can't reach back that far.  

Confusing is that these trapped traders occurred prior to the contract rollover - My hunch is that spread traders may have placed positions there prior to the rollover.     {follow up}  

Otherwise a rotation short is possible against a defined edge, an edge of a POC, and requires an exception initiating trades off composite POCs.