Gold reacted well...coming down to trendline support and holding above 1166 which kept you long...we then saw a move to 1179, but still could not break that 1180 resistance. Today our daily pivot is at 1172, and this has been the lows overnight...
Now our 38.2 short term fib is at 1174...so you can see how tight Gold is at the moment...As long as we stay trading above the trendline we should be ok with long positions...We would at this point only reverse longs if below 1164...Only then would the market start to come under pressure...4 hrly charts have turned bullish for Gold...so it is a case of buying weakness...
Now below 1164 we are out of Gold longs and we would then be looking for 1161/59...Cover shorts. Resell below 1159 for 1155 to 1151..
Now the topside as we know has recently been capped by 1180...If we can break this look for 1183 initially.. then the 1187/88 resistance which has proved to be good in the recent past....
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