As we commented in yesterdays update, gold looked to be ready to sell off and that is exactly what happened.
Once the market dropped below the 1590 support level from Wednesday evening, the sell off accelerated quickly and continued all the way down to 1560.
Whilst gold appears to have stabilised, at least temporarily, at 1560 and is attempting a recovery rally, there is still a significant risk of a retest of the 1530 support zone.
We closed our short trade yesterday at 1570 for a $55 profit on the expectation of some kind of bounce after the big sell off yesterday.
Today's video looks at potential downside targets and our strategy for our next trade.
Once the market dropped below the 1590 support level from Wednesday evening, the sell off accelerated quickly and continued all the way down to 1560.
Whilst gold appears to have stabilised, at least temporarily, at 1560 and is attempting a recovery rally, there is still a significant risk of a retest of the 1530 support zone.
We closed our short trade yesterday at 1570 for a $55 profit on the expectation of some kind of bounce after the big sell off yesterday.
Today's video looks at potential downside targets and our strategy for our next trade.