Gold Market Report
Gold broke below the medium term ascending channel pattern at 1210 and below the 100h MA. It hit the daily high at 1209 and after hitting the daily low at 1193 managed to rebound just to give us a nice entry point for short position.
Gold price hits strong resistance today at 1220, another two-month high, but i expect it to bounce lower again to approach 1209.00 level, while the price remains within the bullish channel that carries the trading since the end of the last year. 1220/oz might be the top of the bear market correction as bears sell in to this level. The bear trend is likely to resume the next couple of days, and a price below 1109 helps to confirm a negative outlook & a top in place, targeting 1200 and then the strong support at 1195.
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