Comex Gold Short Term Bearish, Tgt –$ 1231/1179
CommodityOnline | Sep 03, 2014 07:56AM ET
Hence the short term trend continues to look bearish for gold and a test of Previous top at $.1231/1179 (T) level looks possible.
Comex Gold has been in an downtrend since the past one year forming lower tops and flat bottoms within the channel (R-S). The price has recently try to breach the long term resistances line R at $ 1388 but was unsuccessful.
Further the price gave a sharp correction and currently heading towards the previous low of $1231/1179 (Previous Low). Hence the short term trend continues to look bearish for gold and a test of Previous top at $.1231/1179 (T) level looks possible. Until price closes above at $ 1301, Selling on rise is advisable.
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