Gold Faces Strong Resistance At 1140/41
Jason Sen | Sep 21, 2015 06:40AM ET
Gold faces strong resistance at 1140/41 for a selling opportunity again today. There is a good chance this will hold the bear trend bounce, but shorts need stops above the September high at 1147. Be ready to buy an unexpected break above here to target 1151/52 for an excellent selling opportunity.
Minor support at 1135, but below here adds pressure to target better support at 1132/31. A bounce from here on the first test looks likely, but the outlook is quite negative so a break lower eventually targets 1128, then good support at 1125/24 for profit taking on shorts. If we continue lower look for good support at 1120 which could hold the downside, but we also have excellent short term support not far below at 1116/1115. Try longs with stops at 1111.
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