Spot Gold In A 2-Month Bear Trend
Jason Sen | Sep 01, 2014 06:45AM ET
Gold in a 2 month bear trend and broke 1287/85 to bottom half way to the next support at 1280/81. Support at 1285/84 but longs here need stops below 1280/81. On a break lower look for 1277 then August lows at 1274/73 for profit taking on shorts.
Holding support at 1285/84 is more positive for today and can target resistance at 1291/92. Exit any longs here and try shorts up to resistance at 1294/95 today, with stops above 1297. Only a break above 1297 allows a move towards 3 month trend line resistance at 1300/01 which should hold a move higher at this stage. Try shorts here with stops above 1305.
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