Gold found stiff resistance at the 1730 area again and could not find any follow through strength and break through yesterday.
The perceived winding down of the Gaza conflict saw oil prices fall dramatically which put pressure on gold and, once 1730 was breached the market fell quickly back to the 23.6% retracement level before finding support there.
However the market remains vulnerable to further weakness after failing again at the 1730-1738 area.
The key level remains 1738 - if gold can break through here, then 1800 comes firmly back into sight. There is solid support at 1700-1705, any break of this area would see a quick return to 1673 and a retest of the lows.
For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action in more detail and our strategy for our next trade.
The perceived winding down of the Gaza conflict saw oil prices fall dramatically which put pressure on gold and, once 1730 was breached the market fell quickly back to the 23.6% retracement level before finding support there.
However the market remains vulnerable to further weakness after failing again at the 1730-1738 area.
The key level remains 1738 - if gold can break through here, then 1800 comes firmly back into sight. There is solid support at 1700-1705, any break of this area would see a quick return to 1673 and a retest of the lows.
For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action in more detail and our strategy for our next trade.