Gold spiked lower to 1170 then retraced all the way back to the 1177 area...Now this is the first short term Fib level....and as such it offer protection on the topside...The rally back is possibly looking to be a correction, but if we manage to stay above the 1174 pivot point and break back above 1179 then we can see Gold coming up higher again.....1182/183 would be the immediate target....Here we cover all long positions..
We only go back into longs if we see a move beyond 1183.....we would then be looking at the 1187/1190 resistance once more...but more importantly we would-be clear of the trendline..
Now we have another trendline to look at on the downside...this once is back from March...This one comes in at 1167...I think he market will hold this trendline...an as we are now entering oversold terri- tory on Gold, but as yet not turning....but w are entering oversold conditions I think that we should buy Gold at these lower levels, and keep stops below 1164....
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