Gold Oversold, In Need Of Recovery To Target 1112/13
Jason Sen | Sep 16, 2015 01:12AM ET
Gold met first resistance at 1108/09 again on Tuesday, but we are oversold and in need of further recovery to target 1112/13. It could be wise to exit longs here in the bear trend and could be worth trying shorts at 1114/15. Sell here, stop 1120. T1 at 1110, T2 at 1105, then 1101. A sustained break above 1120 targets the next strong resistance at 1124/25. Sell here, stop 1131. T1 at 1119, T2 at 1116.
First support at 1104, but below 1103 keeps the pressure on for 1100 then minor support at last week's low at 1099/98. Be ready to sell a break below to target 1095/94, then 1090 and the mega important support at 1086/85 again.
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