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Gold – Intra-day Correction In Place, Watch for Break Short Term
In the members commentary last Thursday, we talked about the key resistance short term for gold being the 1324 area, and that if the precious metal rejects from here, expect a round trip back down towards 1306.
As we can see, the PM fell lower from a high of 1323 last week, heading right back down to 1306, so congrats to the members who profited from this trade setup.
For now, intra-day we have to watch the 1303/00 and 1313 levels to watch for the next major direction. While long term we are still in a down-trend, medium term we are in a range with some bullish under-pinning. If …... Keep reading