Gold has switched to a bearish gear and current resistance is 1491 (previous support turns resistance, breakout level to the downside).
Like what I mentioned last week, Gold had a bounce when it is trading far off its EMA50 line, during market open on Monday, Gold continue to trade down, plunge to 1491 level new low and bounce to 1514. Touched the resistance, and continue to fall for the whole week.
Gold close at 1486 last Friday, which is the 1/3 retracement of the 2011 year hi-lo.
From the current bearish sentiment, I reckon Gold is going to continue to trade down to target price 1440-50, 50% retracement of yearly hi-lo, which is also the wave target price from bigger time frame (Weekly & Daily)
Weekly forecast:
Monday: Gold to continue trading down for another 2 days.
I will place my short at BKO 1491. If Gold continue to trade higher,
Tuesday: I will place another short at 1504, either fill on Tuesday or mid week.
Short term target exit 1470.
Successful breaking below 1470 will hit 1450 target.
Will pay attention to NFP.
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