Gold Hits 200 DMA
Jason Sen | Oct 14, 2016 07:49AM ET
Gold managed a recovery as hoped but we meet tough 200-day moving average resistance at 1263/64. This is the main challenge for bulls today & if you try shorts you need stops above 1270. A break above 1265 is a buy signal targeting 1276/77 & 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 & initially we target 1235/34 then 1230/29.
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