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Gold Could Retest November Lows At 1261

Published 11/20/2013, 12:54 AM
Updated 05/14/2017, 06:45 AM

Gold hit strong trend line resistance at 1289/90 & topped exactly here as predicted. We collapsed towards our lower target of 1268/67. Today's outlook remains negative so watch for a break below this support to target November lows at 1261 & possibly October lows at 1252/51.

Immediate resistance at 1276/77 but above here we could stretch to 1281/82 for a selling opportunity with stops above 1287.
Gold
Weekly outlook: Could turn lower this week & retest November lows at 1261 then October lows at 1252/51. Above 1300 however is more positive but strong resistance at 1320/22 is a big challenge.

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