Gold failed to make a good close on Friday, and although we are still currently above weekly trendline support at 1192 we need to stay above here to see the market continue higher..Now the med term charts are turning negative for Gold once more, so we are at the moment looking to sell into any short term strength evident..
1204/1207 offers some protection for sellers...and we would be selling to here, although keeping quite tight stops then above 1212..
Now if we fail to hold over 1190 we take this as a sign of continued weakness and we would then be looking for the market to come lower and possibly re-visit the recent lows of 1142...We do have quite good level of support on the way down to here, but it would be a case of covering at designated support area, then re-selling a break of the support...This would be the safest way to do it rather than hold a longer term short position..1185 is the next level on a break of 1190, then 1180/79...
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