GOLD
is currently doing a second correction having formed a double top. Several levels of support are coming into play soon. Key level is 1306 (blue line) will likely act as support and beneath that the 100 and 200 MA’s can provide further support. Fib level 0.36 level could be the absolute bottom if we break through 1306. I still remain Bullish long term for the yellow metal and therefore looking for a good entry which is backed up by the Stochastic being in oversold territory. A good entry therefore would be around the 200 MA providing as said before we break 1306.
GOLD
is currently doing a second correction having formed a double top. Several levels of support are coming into play soon. Key level is 1306 (blue line) will likely act as support and beneath that the 100 and 200 MA’s can provide further support. Fib level 0.36 level could be the absolute bottom if we break through 1306. I still remain Bullish long term for the yellow metal and therefore looking for a good entry which is backed up by the Stochastic being in oversold territory. A good entry therefore would be around the 200 MA providing as said before we break 1306.