Gold did exactly what was predicted yesterday and fell like a stone to our target of 1205...We have traded sideways most of the overnight session but I think this 1205/04 area will hold Gold initially and that we should rally back today a little bit say to the 1212/1216 region...This would be enough of a correcting I feel to let sellers come back into the market....However above 1218 we look for 1223/27 once moreIf you look at the daily chart you can see the rejection of the 50% med term fib level but more importantly it held below that trendline evident...and we have bearish med term stochastics as well which is not going to help our Gold...
Daily pivot is at 1212....we really need to get above here if we are to stand any chance of correcting... Now the 4 hrly charts had the 50% Fib level at 1205 which is why I had this as a target.....and this time frame of 4hrly is extremely oversold...so I think unless we lose 1199 the market has a good chance of trying to recover today..Obviously below 1197 and Gold will under further pressure and we would then be looking at it coming down to 1190 possibly 1184 before buyers came back into the Gold just to stem the tide of selling pressure...
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