GOLD: Looking to buy at 1170.50, find out why? by Reece Marini

GOLD Weekly

GW

Gold has again failed to take out a number of large stops that are likely sitting just below the 61.8 fib level at 1130.00. The market is now seeing some short covering after another failed attempt.

GOLD H4

G4

The market has now overbalanced the largest correction in the current down trend, this is an indication that this medium term down trend has possibly changed.

GOLD M15

G15

I will be looking to buy into the 1:1 (White) and 38.2 fib at 1169/70.50, with a tight stop below 1166.80. My initial target will be Friday nights high.

* 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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