The chart below shows gold. My last article had us pushing lower targeting, a minimum 1800 and final target of 1700. We have reached these levels just shy of my final updated count. We missed my target by 5, pips clearly showing how much the buyers are now in control.

We believe the move lower in gold is over and are now looking at new opportunities to the upside. The impulsive move higher has broken our channel looking for a correction lower.

The correction should retest the channel to give us an entry point. A break to new lows will mean will the stop lose for a long side position taken during the corrective move lower. Our minimum target would be 2070.00 once we get a long side entry.

No key new events to look out for this week. 

Res: 1800; 1810; 1820

Sup: 1770; 1760; 1740

 

None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.

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