On the first trading day in the UK/US, spot gold surged to the highest level since June 22, 2022 with a high at $1849.97 in London trading this afternoon. This is followed by a sharp pullback to $1830.86 before the NY session opens on Tuesday.
Such a sharp decline suggests there may be no follow-through buying in NY. Technically, this decline may portends a more significant potential technical pullback. As gold started rebounding from the day's low, the 50% retracement from the day's high fall presents a selling opportunity.
Sold @ $1840.45 - Tue, Jan 3, 21:50pm.
Tentative Stop @ $1851.00. Stopped Out @ $1850.93 -$230.56 - Wed. Jan 4, 15:11pm