Gold hit the target of 1201/99 & continued lower as predicted towards 1180. However we bottomed just above at 1185. The previous low is at 1180.71. We could be witnessing the formation of a double bottom & the end of the correction in Gold.
Today could therefore be a very important day. It is worth trying longs for the medium term as stop loss can be tight below 1165 providing an ultra low risk opportunity. A resumption of the bull trend would offer large profit potential. Today our first target is 1204 then 1211/12 for profit taking on longs with 1215/16 a short term selling opportunity.
A break & close below 1180 tonight is a negative sell signal & targets 1175/74 then 1165 & 1158/57. Weekly outlook: 1267/68 did mark the high last week as predicted. The 2 year bear trend has resumed & should eventually target 1180. Reports will be delivered throughout the holiday period.