Gold smashed lower—taking out 1625 for 1613. To alleviate short term downward risk we
need to break back above 1627.
If achieved we look for 1639 to entice. Here we cover any longs and re-instate shorts.. As yet
we are not oversold on the daily charts so we look for strength to sell into...
1639 offers this opportunity and then we see Gold coming lower through yesterdays lows for
1605/03. Here we cover shorts...
We would only re-sell lower levels if below 1600. A loss of this support keeps the bias to the
downside leaving 1595 as your immediate targeted area.