Gold remains in a strong downtrend and vulnerable to further decline/volatility. Simple trend lines and fibo suggest more of the same. I'm looking for resistance points on Friday at 1190, 1194 and 1198 with support points at 1178-1180,1170, 1160. A long weekend ahead.
Trade attivo:
Gold hits 50% fib based on overnight prices. If it turns lower, another reference point is 1174. However, US indices do not appear to have much head room and have potential to drop. Still think gold is trying to build a base, unless 1160 is taken out.
Commento:
US indices look vulnerable at this level , gold looks strong. Could this be a breakout of the downtrend. 1200 crucial level.
Trade attivo:
Gold continues to look supported. Key points of reference are at 1202, 1237 -1240 and beyond??? The Phoenix begins to tentatively rise again.