Following last month's sharp fall in gold prices, the market has entered a bullish corrective phase and is rising back up to a previous support level at $1,147 that was tested on 8 July. There is currently a trend line resistance at around $1,151-53 which could provide for a decent short opportunity pretty soon. A stop above $1,165 (to be determined according to overall risk one's willing to take) would offer a risk/reward ratio above 1:3 if one was to target levels below $1,100, which wouldn't be absurd given the overall bearish trend.
Please note that this is not investment advice and that you should trade at your own risk.
Please note that this is not investment advice and that you should trade at your own risk.
