Gold -Moving lower in triangle formation
Gold - Intraday - We look to Sell at 1705 (stop at 1715)
Price continues to trade within the triangle formation. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Expect trading to remain mixed and volatile. Bias is mildly bearish today but we need to see a break of 1660 to confirm the downward pressure. We look for a temporary move lower. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 1680 and 1665
Resistance: 1705 / 1715 / 1725
Support: 1692 / 1680 / 1662
Price continues to trade within the triangle formation. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Expect trading to remain mixed and volatile. Bias is mildly bearish today but we need to see a break of 1660 to confirm the downward pressure. We look for a temporary move lower. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 1680 and 1665
Resistance: 1705 / 1715 / 1725
Support: 1692 / 1680 / 1662
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