I’m not feeling the love for Gold at the moment…. We nearly hit the 1246 target….which is the 23,6 fib from 1197 to 1263 on the 4 hrly charts…..so lets look to that level initially….If we fail to hold expect further weakness down to 1236 which was the break pit on the way up….This area should hold Gold and provoke a move higher…Spookily enough 1236 is also now the 38.2 Fib…and therefore will offer Gold a lot of protection….
We are overbought on the dailies. So move lower would actually be good for Gold….remember this was a $ move rather than a ” we love Gold ” move.. so we also have to get our eyes on that little $ Index chart…..
Weekly chart look ok as long as we hold 1236….
We are at 1252 again …….so what we want to do is see if we hold 1246…see if we can oscillate around that level for a while to ease overbought conditions…and if we hold it there will be another try for the topside..
As Iv always said…doubles hold triple tops usually fail …so any shorts you are out above 1267 as a break above here will lead us higher to 1295/1304.
TODAYS PIVOTS ARE
PP 1251 R1 1256 R2 1267 S1 1245 S2 1240 S3 1234.