SUPPORT: 1172   1165   1146   1142 1131  1128  1122 1104   1088   1080**

RESISTANCE: 1178/79   1188   1194   1197  1204   1216

Our daily pivot point is at 1175 today....and currently we are trading above here...There is scope to trade higher to the 38.2 Fib  level of 1187...but we must watch this carefully ..If we break below 1170 there is scope to go back to the 23.6 fib @ 1162...Now this ties in with the S2 at exactly the same level...and also support line support....so that would be a good place to re-enter Gold looking for a resumption of this corrective phase we have been seeing since the fall of Nov and Dec last year....Daily charts look a bit overextended on the topside and therefore we are looking for the market to have possibly one more thrust higher to sniff this 1187 resistance and then fall....as well as the chart support we have PP @ 1175   R1   1180   R2  1188**   R3  1193     S1   1167    S2  1162 AND S3  1154....So please be aware of these levels...especially the 1188/1162 ones...These are crucial to the direction of Gold....Now obviously if the market makes a break above 1193 then it will be given another boost and we should be able to trade to the 1199/1204 resistance...but being overbought will not help this...and at some time this week we should see the market fall to ease this overbought scenario....I would not be worried about longs unless we break 1162 and stay below ere...Then the recent short term uptrend could be over and Gold will continue lower and go back towards the 1146/42 support..

XAUUSD

 

Gold Current Trading Positions

Sell 0%
Buy 100%
100.0%0.0%0-1001020304050607080901001100
Avg Sell Price 0.00
Avg Buy Price 1179.75
Liquidity Distribution
1160.001181.901199.000011160.001181.901199.00001SellBuy

 

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