Gold: 1251
Having fallen sharply to 1226 today, Gold has reversed strongly to currently trade at 1251 and looks as though it may have made an interim base. The bullish outside day reversal suggests that a break of the current descending channel could see a run higher towards 1278 (38.2% of 1362/1226) and possibly back towards 1300, although this may be a little overenthusiastic.
Further out the longer term charts are a bit mixed, but I think that eventually we are in for another run to the downside and could be in for a retest of the 1180, June low and possibly lower (See Daily chart below).
In interesting point, also in the longer term, is that should Gold close the end of the week below 1280, it will have finished the month by breaking out below the base of the monthly cloud – and it has not been below that since the end of 2001 when Gold as at 270! (See Ichimoku Charts below).
Gold 4 Hour
Gold Daily
Gold Monthly Ichimoku
Gold Monthly Ichimoku – Back to 1995
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