21 Jul 2014
Gold: Range dominates but pressured - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that Gold is trading in a range between 1306 and 1324, but risks are increasing for a break lower.
Key Quotes
"After bouncing heavy last week on the risk off events, you'll notice how gold formed a double top off the key 1324 level we talked about recently."
"In the process of attempting to break through these barriers, it formed a pin bar signal, and then sold off heavy after, ironically at the range support and 1306."
"For now, the range dominates between 1306 and 1324. If 1324 holds the upside, then look to sell and play the range. If 1306 folds, then watch 1292 carefully."
"If this folds, we could see a larger unwinding towards 1267 and 1257. If 1324 gets broken to the upside, then 1333 and 1341 will be under pressure."
Key Quotes
"After bouncing heavy last week on the risk off events, you'll notice how gold formed a double top off the key 1324 level we talked about recently."
"In the process of attempting to break through these barriers, it formed a pin bar signal, and then sold off heavy after, ironically at the range support and 1306."
"For now, the range dominates between 1306 and 1324. If 1324 holds the upside, then look to sell and play the range. If 1306 folds, then watch 1292 carefully."
"If this folds, we could see a larger unwinding towards 1267 and 1257. If 1324 gets broken to the upside, then 1333 and 1341 will be under pressure."