After hitting a high of 1603 yesterday, gold has backed off and is under selling pressure again this morning. The support at 1580 has given way and the market has made a new low at 1570.
It is critical that gold holds this area and does not fall further or the implications are very bearish for the longer term timeframe.
We are long from 1588 but with a tight stop so our "at risk" capital is minimal on this trade.
It is critical that gold holds this area and does not fall further or the implications are very bearish for the longer term timeframe.
We are long from 1588 but with a tight stop so our "at risk" capital is minimal on this trade.
