Gold was whippy yesterday with a 1274/52 range. Now this was in line with expectations, although I did think 1270 would hold. Now we are lower once more, but still holding onto some good support, and we are beginning to see bullish stochastics so this we have to be aware off.
Support is at 1252. If we maintain above here we can progress back to 1270/74 without too many problems. We would cover all longs here and look to attempt small shorts, this is a good R/R trade because the stops will be tight in the 1280 area.
Now if we lose 1252 there will be some selling pressure enter the market with 1246/44 then targeted, we are looking to cover shorts and go long here. We would only abandon longs if we lost 1236.
If we do lose this support again we look for 1225/1220 where we would cover shorts, reinstate longs,and stops below 1213..
