Gold just could not break above 1170 thus leaving the top in place and provoking a move lower to 1148 just in front of our 1146 target...Small recovery overnight....but nothing really to write home above....Still oversold..Now we have this November low at 1133....then the March low at 1142....and this low at 1148....so even on weakness currently our lows are still higher....This will change if we break 1142....That will trigger further selling pressure and we would come under further threat with 1133 then targeted...
Now this would leave a Double base on the daily and weekly charts...so this support is crucial to Golds next move...If we close below 1133 1044 would be the med term target through the summer overall.
Now there is a long way to go before this happens...so all eyes peeled on the 1142 support.....To recover we need to hold above here....and this should then take us back to the 1170/1174 resistance...All longs to be covered....Re-sell the market around this resistance band and hold shorts unless above 1178...
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