Gold reversed yesterday and has come within striking distance of our 1236 target reaching 1238 overnight. Now we have good support down here, but the daily charts are beginning to turn lower. I think it is a case of into selling strength at the moment.
1246 to 1252 offers good resistance and sellers should come back into the market on any rallies to here. Stops should be placed above 1255.
If we lose 1236 then we are coming back to 1225 and two trendlines located at 1218. We are looking to be buyers on any such weakness, keeping stops again as before down below 1213.
A loss to 1213 would put the market back on a downward spiral, leaving 1200 to 1199 as the first target.
1180 support still looms in the background, so be careful if we do lose 1213; We could go down in a straight line to this 1184/80 support quite quickly.
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Spot Gold Within Strking Distance Of 1236
Published 01/15/2014, 04:29 AM
Updated 07/09/2023, 06:32 AM
Spot Gold Within Strking Distance Of 1236
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