Bears continue to sell against 1:1 & 38.2 by Reece Marini

GOLD Daily


After breaking through the trend line (white) gold has been trading on the heavy side with limited support until the old low at 1240.00, this level could offer some support for the bulls but with a number of stops likely sitting below this level a break could see the bulls run for the hills with the next support not until 1181.00.



This market continues to find solid selling interest on any 1:1 rallies.



Intraday players sold in late NY on the 1:1 (Blue) and 38.2 fib that coincided at 1257.80, however there has been little follow through during the Asian session with the market again testing this level coming into London trade. If the bears can push the market lower from here look for intraday stops below the 1253.75 level to be targeted, with a break above the 1:1 seeing a test of the 50 fib at 1260.65.

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