Gold continues to trend lower in the short term
|Gold
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Gold unexpectedly broke very strong support at 3960/50 with longs stopped below 3930.
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However we did not reach as far as my downside target of 3875/70, with a low for the day at 3886.
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The bounce hit my resistance at 3970/3980.
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This level is obviously important again this morning.
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A break below 3920 should trigger further losses today to retest 3886.
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A break lower eventually looks likely & targets 3875/70 then 3845/40 is possible.
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We should meet support at 3815/05 & longs need stops below 3795.
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Shorts at 3970/80 need stops above 4000. A break higher targets 4015/4020.
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If we continue higher look for 4040, perhaps as far as 4070/4075.
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Very strong resistance at 4120/4130 is a sell opportunity with stop above 4145.
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