Gold May Trade Down Till 1215 This Week
CommodityOnline | Nov 21, 2013 06:35AM ET
Gold broke 1268/67 in the bear trend & then broke October lows at 1252/51 reaching 1241. We are a little oversold short term but fighting the bear trend is not advised. There is still a risk of continue losses to 1235/34. There is a good chance of a bounce from here but do not rule out further losses to 1225 & even 1216/15 this week.
Resistance at 1253/54 could hold a move higher but above here a selling opportunity at 1261/62. However if we continue higher look for the next selling opportunity at 1268/69 & a high for the day expected.
Weekly outlook: Did turn lower as predicted on Monday & retest November lows at 1261 then October lows at 1252/51. Below 1230 risks a retest of this years low at 1180 in December. A break lower next year would not be a surprise to target 1086.
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