After gold tested its May lows of 1526.7 on the 30th, the market put in lows of 1532.1, holding those lows and reversing. This showed signs of life and defense of these lows and the market most recently pulled into retest this 1532.1 level with support at 1548. Today May 1st this was tested with a 1545.5 low and the market held to reverse and squeeze higher. This move has caught sellers off guard and is retracing to test its major resistance of 1627-1672 of where the market failed in May. This will be an area sellers must look to defend as a move past 1672 reclaims the ball for gold bulls.
Buyers of 1548 level all out on this move for +126 in a day as squeeze has retraced 61.8% of breakdown.
Gold
