We bounced strong to 1223....then fell back and closed at the lows...Now we still have trendline support at 1198 and also the 61.8% med term fib level @1198...so to go in and buy Gold on weakness to here would offer little risk...In fact to go in @1200 anticipating that Gold will hold and trade higher again...we can place stops below the trendline say at 1196 and if wanting to be really sure 1194....
If we can hold onto this trendline and technically there is no reason that we cannot...because our med term technical indicators are showing oversold...so if we can hold onto this trendline we can trade higher once more to the 1218/1223 resistance...
Cover longs to here...Re-instate longs only above 1227 for 1233/34.
Now if below 1194 and more importantly a close below here tonight...we are going to look weaker going into next week...with 1180/79 then the short term objective...
If we can hold onto this trendline and technically there is no reason that we cannot...because our med term technical indicators are showing oversold...so if we can hold onto this trendline we can trade higher once more to the 1218/1223 resistance...
Cover longs to here...Re-instate longs only above 1227 for 1233/34.
Now if below 1194 and more importantly a close below here tonight...we are going to look weaker going into next week...with 1180/79 then the short term objective...
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