GOLD: Bears looking to target stops below 1216.50 by Reece Marini

GOLD H4

G4

Medium term bears are looking to target a large number of stops that are likely sitting just below the 50 fib at 1216.50, this support level has seen some buying over the last several days but the market is looking heavy and I would expect this level to be taken out in the coming sessions.

GOLD M5

G5

I will be looking to sell into any strength if the 1:1 – 38.2 (Light blue) at 1224.25 or 1:1 -38.2 (Yellow) at 1225.70 show any sign of weakness.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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