Gold in one big sideways trend for most of this year but the failed test of resistance at 1260/61
|Daily Forecast - 25 July 2017
Gold Spot
Gold in one big sideways trend for most of this year but the failed test of resistance at 1260/61 signals the bear trend will now resume. If we are lucky enough to get close to 1259/61 today, exit longs & try shorts with stops above 1266. An unexpected break higher however targets 1272/73.
Having stopped just short of the 1260/61 resistance (as we warned) the first target of 1253 has been hit & if we continue lower look for 1250 then good support at 1247/45. A bounce from here likely on the first test as bulls try to maintain the 2 week recovery, but the profit potential on longs may only be up to the low/mid 1250 area. Further losses target the best support for today at 1239/38. Try longs with stops below 1233.
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