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
1751/48 support…

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