Gold has reahed the 38% Fibonacci retracement at 1372 where our first target of this downward move was. Prices our now bouncing upwards towards the downward sloping red trend line resistance at 1394. Short term resistance is found at 1394-1400-1410. Short term support is found at 1384-72-66.
We opened a short position when price broke down below 1412 and 1400. Half was closed at our first target at 1372 and we are looking to sell again this upward bounce as we expect prices to fall bak down towards 1355.
We should see a break below 1372 in order to confirm this bearish trend towards 1350 (50% retracement). Otherwise if prices start to make higher highs and higher lows we could see the bullish scenario that target 1450 increase its chances. As long as prices trade below 1400 we remain strongly bearish with 1350 as target.
The material has been provided by InstaForex Company - www.instaforex.com
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