Gold was the second most requested instrument along with USDJPY which is coming next..
The price of gold has been in a clear bearish trend, uniformed within the falling channel shown on chart. Recently, the price has accelerated the downside, breaking the support of the channel, and that cleared the way for a test of 1.618 extension level, which might act as support in the near term. An upside pullback is possible now towards a retest of the broken channel before resuming the bearish wave. I would look to short gold anywhere among 1160-1170, Targeting 1138.00 again and 1100.00. I would exit on a break above 1190, as that may call for a more prolonged bullish rebound.
Happy Trading :)
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
The price of gold has been in a clear bearish trend, uniformed within the falling channel shown on chart. Recently, the price has accelerated the downside, breaking the support of the channel, and that cleared the way for a test of 1.618 extension level, which might act as support in the near term. An upside pullback is possible now towards a retest of the broken channel before resuming the bearish wave. I would look to short gold anywhere among 1160-1170, Targeting 1138.00 again and 1100.00. I would exit on a break above 1190, as that may call for a more prolonged bullish rebound.
Happy Trading :)
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
