Not feeling the love for Gold
|I'm not feeling the love for Gold at the moment.... We nearly hit the 1246 target....which is the 23,6 fib from 1197 to 1263 on the 4 hrly charts.....so lets look to that level initially....If we fail to hold expect further weakness down to 1236 which was the break pit on the way up....This area should hold Gold and provoke a move higher...Spookily enough 1236 is also now the 38.2 Fib...and therefore will offer Gold a lot of protection....
We are overbought on the dailies. So move lower would actually be good for Gold....remember this was a $ move rather than a " we love Gold " move.. so we also have to get our eyes on that little $ Index chart.....
Weekly chart look ok as long as we hold 1236....
We are at 1252 again .......so what we want to do is see if we hold 1246...see if we can oscillate around that level for a while to ease overbought conditions...and if we hold it there will be another try for the topside..
As Iv always said...doubles hold triple tops usually fail ...so any shorts you are out above 1267 as a break above here will lead us higher to 1295/1304.
TODAYS PIVOTS ARE
PP 1251 R1 1256 R2 1267 S1 1245 S2 1240 S3 1234.
Gold Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.