Gold came lower...but held onto 1956. We still look to be under pressure on Gold from the daily charts and will do so as
long as we stay below 1770/71..Our first 23.6 Fib level from the daily charts is located at 1749 and this ties in with our
240 min charts however are looking to trade higher, so we would look to 1770/71 as a natural target for Gold to gravitate to. We are sellers here, and we will hold Gold unless a break is seen above 1773. If we do break 1773 we look for 1778/80 and here is where we go back in...selling Gold once more..
So we see 1770/71 as good resistance. Now if we cannot break 1766 this morning, take this as a sign of weakness and we
should trade lower...1756 offers short term protection on the downside, and initially cover shorts to here...We want to sell
if below 1756 as 1751/48 will then entice....Our first med term fib is located at 1749 so this ties in quite nicely.
The article was first published by CharmerCharts