Gold: Bulls Need Prices Above 1257 To Begin Recovery
Jason Sen | Oct 13, 2016 07:59AM ET
Gold bulls need prices above 1257 to begin the recovery. We then meet tough 200 day moving average resistance at 1263/64. This is the main challenge for bulls today, and if you try shorts, you need stops above 1270. A break above 1265 is a buy signal targeting 1276/77 and perhaps as far as 1284/85. Just be aware of strong resistance at 1293/94 this week. A high for the recovery is expected if we reach this far. Try shorts with stops above 1300.
First support at 1250/49 could hold the downside in oversold conditions, but below here re-targets last week's low at 1241/40. A break lower this week is more negative of course and initially we target 1235/34, then 1230/29.
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