Gold - Triangle formation contains price action
Gold - Intraday - We look to Buy at 1678 (stop at 1668)
Price continues to trade within the triangle formation. Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. The bearish engulfing candle on the daily chart is negative for sentiment. With our medium term bias looking to buy dips and the short term bias indicating selling interest we are faced with mixed signals. We look for a re-test of the upward trending support. Preferred trade is to buy on dips.
Our profit targets will be 1708 and 1714
Resistance: 1714 / 1722 / 1740
Support: 1675 / 1671 / 1661
Price continues to trade within the triangle formation. Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. The bearish engulfing candle on the daily chart is negative for sentiment. With our medium term bias looking to buy dips and the short term bias indicating selling interest we are faced with mixed signals. We look for a re-test of the upward trending support. Preferred trade is to buy on dips.
Our profit targets will be 1708 and 1714
Resistance: 1714 / 1722 / 1740
Support: 1675 / 1671 / 1661
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