Gold intraday technical analysis
Spot Gold in the longer term could now head for 1284 after this breakout. Yesterday we fell a lot further than expected to reach 1322. We have been in free fall now for 3 days losing about 15%. We are very over sold in the short term & have seen a good bounce but we meet resistance today at 1391. A push through here is possible & could then target 1428/34. Watch for a high for the bounce here with the longer term picture still looking negative. Failure to break 1392 keeps the pressure on for 1356 then 1336 & 1322 lows. A beak below here cannot be ruled out & could then target the 2011 low at 1308. Being a yearly low this is good support & we could see an end to the 6 month sell off here. However if we continue lower look for 1284/70. This should be a very good buying opportunity with a strong chance of a bounce.
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