| GOLD (Spot) intraday: the downside prevails. |
Pivot: 1770.00
Our Preference: SHORT positions below 1770 with targets @ 1755 & 1747. Alternative scenario: The upside breakout of 1770 will open the way to 1779 & 1787. Comment: as long as 1770 is resistance, likely decline to 1755. |
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Spot Gold (NY Close): $1760.65 // -3.80 // -0.22%
Prices continue to stall after taking out resistance at a falling trend line connecting major swing highs since early November 2011. Near-term resistance is at 1790.55, with a break above that targeting 1802.80. The trend line – now at 1756.34 – has been recast as support. A push back below that boundary sees initial downside barriers at 1725.87 and 1687.84, the 23.6% and 38.2% Fibonacci retracements respectively.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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