Gold Pulls Back | Forex Factory

  • Gold Pulls Back

    From fxtechstrategy.com

    Despite its lower close the past week, GOLD continues to retain its upside bias. However, it will have to return above the 1,348.10 level to trigger that uptrend. Above here will call for a run at the 1,400.00 level, its psycho level followed by the 1,450.00 level, its psycho level. A cap may occur here and turn it lower. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1,283.12 level where a reversal of roles as support is likely. But if taken out watch out for the 1,250.00 level and then the 1,215.00 level. Further down, a violation of here will call for a run ... (full story)

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PA is King
Aug 4, 2013 7:29pm
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If gold goes down, oil goes down, and with expected AUD rate cut...not to mention AU staying below .9000...I'd keep selling the rallies on Aussie.
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Trader#26E7
Aug 4, 2013 7:48pm
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Trouble is Gold ain't going down. It is set to challenge 1488. Current rates offer the best long op. I expect AUDUSD to retest 0.9150 too. Will be shopping for a short there but currently long Gold
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Trader#26E7
Aug 4, 2013 8:24pm
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With usdjpy clearly headed for 96.50 support off current rates, I struggle to see how gold could go any lower from here
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