Gold held support at 1229/27 all morning but then broke lower. We held just above the low this week at 1215/12 which was our second buying opportunity. We could however test this area today. Exit shorts & try longs on the approach & look for a low for the day. HOWEVER use stops below 1207 as a break lower target 1198/97 & possibly this year's low at 1180.
Eventually we do expect a move higher. If we can hold support at 1224, look for a test of resistance at 1229/30 & may be as far as 1237/38. A break above 1240 is a further positive signal & allows a move towards 1243/44 then 1250/55.
Weekly outlook: We hit our downside target of 1215/14 this week & bottomed almost exactly here at 1211.50. We should now build a recovery in to next week.
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Gold Could Be Heading For Recovery After Low Of 1215/14
Published 12/06/2013, 07:16 AM
Updated 05/14/2017, 06:45 AM
Gold Could Be Heading For Recovery After Low Of 1215/14
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