Uptrend continued on Monday with NQ making its daily higher high in the morning and then sold-off during the lunch hour. Will the same pattern of higher-high in the morning be repeated on Tuesday only time will tell.
Key level to watch on Tuesday is 3020.
-- Trading above 3020 in the morning implies another higher-high is likely.
-- Below 3020 is an indication that it may want to pullback down to lower level, with first support coming in at 3005 area.
Gold bounced off it obvious double-bottom support on Monday as shorts took profit and reversed long for a quick snap-back bounce.
How large will the bounce be, only time will tell. But as long as the double-bottom low hold, gold should either rally back up to resistance $1438 on the June Futures Contract, or trade sideways.
However, a re-break back below double-bottom support could trigger another round of liquidation decline.
Gold bounced off it obvious double-bottom support on Monday as shorts took profit and reversed long for a quick snap-back bounce.
How large will the bounce be, only time will tell. But as long as the double-bottom low hold, gold should either rally back up to resistance $1438 on the June Futures Contract, or trade sideways.
However, a re-break back below double-bottom support could trigger another round of liquidation decline.
