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Gold: Tests First Resistance At 1255/57

Published 05/25/2017, 03:21 AM
Updated 07/09/2023, 06:31 AM

Gold Daily Chart

Gold holding above minor support at 1251/52 tests first resistance at 1255/57 before strong resistance again at 1264/65 which has held perfectly of course. HOWEVER mega important 4.5 year trend line resistance at 1275/79 is the big challenge this week. Try shorts with stops above 1290.

Minor support at 1251/52 but look for much better support at 1245/44 for profit taking on any shorts. A bounce from here is certainly possible but a break lower targets a buying opportunity at 1234/32 with a low for the day expected if we reach this far. Try longs with stops below 1228, and look for a bounce towards 1243/44.

Latest comments

Dude... looks interesting from afar and you have generally produced respectable results but this chart is too small to read and this format only allows you to expand it about 20%. . Unfortunately I can't consider until you resolve this.. . Cheers
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