Gold Topped At 1242/44 As Expected
Jason Sen | Feb 20, 2017 12:30AM ET
Gold topped exactly here at 1242/44 as expected to hit the first target of 1236/35. Further losses are likely targeting first support at 1233/32. However, if we continue lower, look for the next target and support at 1227/26 which could hold the downside, but longs look risky. If you want to try, use a stop below 1223. On further losses look for 1219. Exit any remaining shorts here again and try longs down to our buying opportunity at 1217/16. A bounce from here could be seen here again, but longs need stops below 1212.
If we hold 1235/36, look for a retest strong resistance at 1242/44. Try shorts again with stops above 1248. A break higher however, is therefore a buy signal initially targeting quite strong resistance at 1255/56 which should hold if tested during this week, for a dip back to the mid 1240 area perhaps.
A WEEKLY CLOSE ABOVE 1245 IS A BUY SIGNAL FOR NEXT WEEK.
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