Gold: Tests First Resistance At 1255/57
Jason Sen | May 25, 2017 03:21AM ET
Gold holding above minor support at 1251/52 tests first resistance at 1255/57 before strong resistance again at 1264/65 which has held perfectly of course. HOWEVER mega important 4.5 year trend line resistance at 1275/79 is the big challenge this week. Try shorts with stops above 1290.
Minor support at 1251/52 but look for much better support at 1245/44 for profit taking on any shorts. A bounce from here is certainly possible but a break lower targets a buying opportunity at 1234/32 with a low for the day expected if we reach this far. Try longs with stops below 1228, and look for a bounce towards 1243/44.
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