Gold markets sold off with a momentum pushing through to lower levels.
As mentioned earlier if price can’t break this lower high I was looking for a move down to 1256. Seems we are close. The resistant trend line held, the lower highs showed less commitment on buyers side and then the sellers challenged the 1311 support and broke through.
Gold markets can continue lower
There is strong support at the 1269-70 area, but watch tomorrow as dollar continues it’s upward battle. Seems people have really sensed the oncoming collapse in the Euro and the move to buy dollars is on again.
Gold next area of support is 200MA, then $1220.
We shall see tomorrow. Would wait for this to consolidate before going in on large positions. Some physical gold buyers will call this a buying opportunity, Watch and see. Trade what you see, and always manage your risk first. Wait until you see the gold markets turn, trying to pick the bottom is very risky.
Trading the Gold Markets can be very volatile, if you aren’t used to trading it, stay out. Don’t put your capital at risk.
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