Participant

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 http://www.zerohedge.com/news/2015-08-09/smart-money-ready-bet-gold hedge funds are net short of Gold, creating more pressure on price.

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