Gold's potential short-term resistance

Russell Shor, CFTe, MFTA FXCM

The above chart shows the hourly timeframe. Key resistance may potentially be at the confluence of factors including the R1 pivot level, price congestion resistance (green rectangle) and the 61.8% Fibonacci retracement level. The stochastic has hinged down from potentially seller friendly levels (green ellipse). A pullback in gold may create a “sell the rally in a downtrend” opportunity.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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