Gold Heads Lower To Most Important Support Of The Day
Jason Sen | Mar 10, 2016 05:29AM ET
Gold headed lower exactly as predicted to the target and most important support of the day at 1246/45. As expected we bottomed almost exactly here, and longs worked perfectly as we shot higher to 1258. Outlook still negative with the most important support of the day at 1245/44. Again, longs need stops below 1240. A break below 1240 is more possible today, and targets strong support at 1234/33. This support is the last line of defence for bulls this week. Try longs with stops below 1228.
Minor resistance at 1253/54, but above here targets 1258, perhaps as far as stronger resistance at 1264/63. This could hold any recovery in the negative outlook, but above here targets 1272 before strong resistance at 1277/79.
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