Intraday Gold Chart for Thursday, May 12th, 2016

As mentioned yesterday, Gold has been following Thursday’s price pattern pretty closely, but in reverse.

A Thursday flip in Gold

So instead of climbing to a high midway through the day and then declining, we’ve seen it decrease to a low midway and then climb. While one of the sharper moves in the week, the day’s range is still much less than Monday’s so as speculated last night, a sharply declining, large range Thursday wouldn’t pan out.

Friday has flat, to upside potential, so there is once again a Friday rally possible in Gold.

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