Broke trendline support...did not close below it either time...leaving a Double Base in place and then up we came to the expected target of 1223....How frustrating for those of us who believed Gold would trade higher last week...
So now what...well we have hit first target of 1223...and therefore as Europe opens we may see another dip towards the daily pivot at 1212..Short term we are overbought...and this should help early traders to go short looking for this dip lower...
We would look to buy again if we got down to the 1212 support...and hold unless below 1207 which is the 50% short term fib...There are quite a few support levels all the way down to 1198...but I think a move that low is a bit optimistic...so lets see what happens with 1212...
On the other side is that short term we trade sideways...ease the overbought conditions... leaving us well placed then to break 1223 for 1228 then 1233/34...
So now what...well we have hit first target of 1223...and therefore as Europe opens we may see another dip towards the daily pivot at 1212..Short term we are overbought...and this should help early traders to go short looking for this dip lower...
We would look to buy again if we got down to the 1212 support...and hold unless below 1207 which is the 50% short term fib...There are quite a few support levels all the way down to 1198...but I think a move that low is a bit optimistic...so lets see what happens with 1212...
On the other side is that short term we trade sideways...ease the overbought conditions... leaving us well placed then to break 1223 for 1228 then 1233/34...
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