Gold is flirting with 1580.00 level, where the short term ascending trend line for the recent bounce is located. A break and stability below this area could signal another downside attempt, and probably a retest of 1567.00 key low. A few hours of trading below 1580.00 could lead to further intraday losses.
** Overall trend ( More than one year) ** Intermediate ( More than three months) ** Short term ( Less than three months) ** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore. | |||||
| Support | 1576.00 | 1567.00 | 1563.00 | 1555.00 | 1550.00 |
| Resistance | 1580.0 | 1590.00 | 1600.00 | 1610.00 | 1615.00 |
| Recommendation | Based on the charts and explanations above, we prefer to short gold with a four-hour closing below 1580.00, targeting 1567.00. Stop loss above 1585.00 | ||||
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