for me this has nothing to do with oversold (although you may be right) ...it has everything to do with the price action on gold...it was down USD 10 plus a few minutes ago....and it is doing a classic test of support and a reversal move....
Your soul is oftentimes a battlefield,upon which your reason and your judgement wage war against your passion and your appetite. (Gibran). Chartist,my passion and appetite are with you,I will leave the reason and judgement up to you. (ps. please don't read too much into this).
Ja Russ ...what I am asking for today in order for my picture to be complete is a big ask.....I want to see gold close up near 790 (some usd 12 from where we are now) and I want to see the dow close above a 61.8% retracement 13090 or thereabouts
If you look at S&P500 you will see that the price has breached the 200MA which signals a possible bear, it then as a typical trend change went back to the 200MA and then retreted downwards. I'm telling you, my opiniun is we are at the beginnings of a bear, this is no correction, here is a prediction JSE (All share) is going to rally upwards touch the 30's and then come down really hard.