GoldBands
Short

Gold Hitting Support - Will it Bounce or Break Through?

COMEX:GC1!   Gold Futures
49 0 2
Good Evening Traders!

Our Gold             short trade made progress today. Unfortunately, it ran into the long running upward support line (the solid magenta line) at the low of the day @ 1321.1. Price then rebounded right up to the BB midline in early evening trading. It has since come back down as I write this. If price can break through that magenta support line, we could see further price erosion to the 1.0 BB @ 1318.30. Below that is the outer wedge (dashed magenta line) which is at the same level as the 1.5 BB @ 1312.40.

So those are the short side price targets as I see it. The Stoch RSI appears to have a couple of days of downside left before cycling back up. Let's see where we are by the time the market opens in the morning.

Safe trading and lock in those profits!
Trade active: This morning I took 1/2 position off @ 1322. Now to the next target of 1312.
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