Gold we wrote: ‘unfortunately for bulls this does just look like a bounce in a bear trend & a good chance we turn lower today to resume that
Gold December Contract Daily Forecast - 24 October 2014Gold we wrote: ‘unfortunately for bulls this does just look like a bounce in a bear trend & a good chance we turn lower today to resume that trend.’ Exactly as predicted prices tumbled again hitting support at 1229/28. We expected a low for the day & this trade worked perfectly as we bottomed above 1226. The bounce should take us back to 1237/38 for profit taking on our longs. Try shorts here with stops above 1241. Be ready to go with a break higher then to target short term trend line resistance at 1245/46. A high for the day expected but shorts need stops above 1249.
We are oversold short term so 1229/27 is good support again & could hold the downside but longs need stops below 1225. Be ready to go with a break lower to target 1222/20. Downside pressure should remain so any longs here need stops 1216 for a move towards 1211.
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