Buyers took the day off yesterday and let the sellers slice through 1250 and come within striking distance of trendline support evident at 1236. We have seen lows of 1242. Both the short and medium term charts are now oversold, and there may well be a corrective move towards 1253, then 1260 before sellers come back in.
Obviously we have to wait and see if this 1236 trendline holds, and allowing for stops to take us to 1233 it really is only below 1230 that the sellers will get back on board and take us lower to 1220/1215, thus tying in with our 1217 S2 support.
We would expect the 1253/60 resistance to hold. If it doesn't and we trade above here there is scope for 1267 which is not only our R1 but also the short term 50% fib level. Here again we would cover longs and re-sell Gold once more.
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Spot Gold: Short And Medium Term Charts Oversold
Published 11/21/2013, 05:13 AM
Updated 07/09/2023, 06:32 AM
Spot Gold: Short And Medium Term Charts Oversold
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