Gold: Resistance At 1124/25 Key To Direction
Jason Sen | Sep 17, 2015 01:44AM ET
Gold's strong resistance at 1124/25 is the key to direction as we become overbought in the short term. Sell here, stop 1128. T1 at 1119, T2 at 1116. Be ready to buy a break above 1128 to target 1132/33. If we continue higher look for 1136, then strong resistance at 1140/41 for a selling opportunity. There is a good chance that this will hold the bear trend bounce.
First support of T1 at 1119 has been hit, but below here strong support at 1116/1115 could hold the downside. Try longs with stops at 1111. A break below here is more negative and targets 1108 then 1104. Further losses target 1101, then September lows at 1099/98.
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