Gold Immediate Resistance At 1232/33
CommodityOnline | Jan 12, 2014 01:02AM ET
Gold held support at 1223/22 & immediate resistance at 1232/33 throughout the session & trading these levels worked well. This morning we are trying a break of resistance at 1232/33 & above 1236 could signal a move towards 1241/42. If we continue higher we should see 1245/46 before the 1248 high this week. From here up to 1250/51 is resistance for a selling opportunity.
Failure to hold above 1234 triggers a move back to 1229 then possibly 1223/22 again. This could hold the downside but any longs need stops below this week's low of 1218. Next target is 1215 then a buying opportunity at 1208/07 with stops below 1203.
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