Gold
: We could be witnessing the formation of a double bottom & the end of the correction in Gold. It is worth trying longs for the medium term as stop loss can be tight below 1175 providing an ultra low risk opportunity. A resumption of the bull trend would offer large profit potential. Yesterday we reached 1206 but above here today look for 1211/12 & perhaps as far as 1215/16 for short term profit taking on longs. This should hold a move higher but above here use 1226/27 as a short term selling opportunity with stops above 1231.
Immediate support is 1200/99 then 1192/91. Below here a retest of 1185/80 is a buying opportunity. Only a break & close below 1175/74 is a negative sell signal & targets 1165 then 1158/57.