A clear chart to show the trend of gold
$1240 is 0.382 retracement and the important resistance zone after breakdown of the uptrend line.
From the technical point of views, if gold cannot break the $1240 resistance, it is supposed to retest the $1100 support (precious low).
I don't think gold will break the $1100 support due to a basket of fundamental factors.
If you are long term investors, it might be a good buy opportunity if gold fall to $1100.
If you are short term speculators, I will suggest you to short at $1235 - $1240 with sl $1270 & target $1140.
From the technical point of views, if gold cannot break the $1240 resistance, it is supposed to retest the $1100 support (precious low).
I don't think gold will break the $1100 support due to a basket of fundamental factors.
If you are long term investors, it might be a good buy opportunity if gold fall to $1100.
If you are short term speculators, I will suggest you to short at $1235 - $1240 with sl $1270 & target $1140.
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