Gold Unlikely To Beat 1260 Level For Long Time
Jason Sen | Feb 12, 2016 03:42AM ET
Gold is very unlikely to beat 1260 for a long time. If we get anywhere near this level again it is an excellent selling opportunity but needs at least a 10 point stop. I would not really feel positive about gold unless we broke above 1280.
Holding below 1240 sees further profit taking to first support at 1228/27. If we get a bounce from here we could be offered selling opportunities in the 1250/60 area if we are lucky. However a break below 1225 triggers further losses to 1218, 1213 and perhaps as far as support at 1207/08.
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