Gold has had a great 6 day run reaching $1126.40 after having hit a recent low on July 24th of $1077.20. However the correction may be running out of steam. Yesterday price hit the Kijun_Sen line which is also a point of resistance, coming very close to the 1132.02 level, which is where it was the day it lost $32.78 between open and close on July 20th, This is now a major resistance level. Price today has only gone down and I don’t see any change in fundamentals so this could be a good level to put on more sorts. According to this report hedge funds are net short of Gold, creating more pressure on price.

You must be logged in to reply to this topic.