Gold Failed At 200 EMA; Will It Find Support At 1280?
| Apr 22, 2014 01:06AM ET
I'm not actually shorting gold here, as a I'm a long-term bull, but technically, we did see a failure at the 200 EMA. If support at 1280 doesn't hold, this could confirm a pattern of lower highs and pave the way for a move to 1240 if not 1180, in addition to negating the AB=CD pattern we previously discussed. With that said, I think there are some great buying opportunities for Gold traders looking at the daily chart to buy at support at 1280 and place their stop at 1260 or so, with a profit target of at least $100 above their entry point.
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