Well...again stop hunters broke the 1203 support and down we came to 1195...Such a rebound however does cause us to think that Gold will remain buoyant. We need this 1212 resistance to be broken and currently we are just pushing 1211 which is the daily pivot....Now as we know pivot point do give excellent resistance/support levels...so I think buyers will be cautious unless we can break above this barrier...
If we can thee is no reason we cannot go straight back to 1218 initially then 1223...Cover any longs within this resistance band...We should then go long if we break the 1223 area...A break would trigger further upside moves with 1233/34 then targeted...
Now the downside is being held by 2 trendlines...1 at 1204 the other now at 1195....Each time we are down there we see the market rebound quite strongly...suggesting that it is just stops being hit in quite a volatile way..Really only below 1191 would there be a problem with holding long positions...
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