Gold: Strong Resistance At 1292/94
Jason Sen | Nov 02, 2016 09:00AM ET
Gold has topped exactly at strong resistance at 1292/94. This is the main challenge for bulls today and could be worth profit taking on our longs from 1272/73, but shorts look risky. If you do try shorts use a stop above 1299. Be ready to buy a break above if not already long 1299 to target 1306/08 & perhaps as far as 1312/14 in to the end of the week.
Failure to beat strong resistance at 1292/94 targets first support at 1285/84 but better support at 1282/81 could hold the downside. Further losses however risks a retest of of strong support at 1274/73 for a buying opportunity with stops below 1268.
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