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Spot Gold: Hitting New Lows

ByCarol Harmer
Published 12/05/2013, 03:09 AM
Updated 07/09/2023, 06:32 AM
GC
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Gold was a little tinker yesterday, making new 1211 lows and reversing direction, flying higher and leaving the bewildered sellers grabbing at straws trying to buy back their short positions. Up we went until 1252 just clipping above the downtrend line at 1246. Today that line is drawn to 1242.

Now our daily stochastics have turned bullish, which is not surprising after yesterday. But there is quite a bit of work to do before we can safely go long on Gold and rule this out as a correction. The break back above 1233 is a little disconcerting, especially as it was on a close basis. But we have been here before and the more times a trendline gets broken ( either way) the less viable it becomes. We are looking today at the first med term fib level at 1247 and 1252. Unless we can make a break above here, the pressure will remain to the downside and we would be looking at 1233 once more - with the possibility of a break, sending the buyers packing their bags and disappearing until possibly the 1215/09 support area. However, as with Reversal Thursday’s, especially the one before NFP, anything can happen. Bullish stochastics are breaking back above the trendline. All bullish points may be enough to break above 1252 and head for 1256/57 possibly 1260. Sellers should be waiting here and they will only reverse above 1262 for 1270 where they will come back out into the world.
Spot Gold

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