Gold Going Short ??
Potential Wedge, Look for a breakout to the downside below the 1351 price level, into the potential target zone of 1340.2(target 1).
Should the market continue its downward momentum, we should find out next resistance in the 1328.5 level (target 2).
There after we could expect a pullback into broken resistance, the 1340.2 level before further continuation of the downward trend into the 1311 price level (target 3).
Indicators :
Readings on the Stochastic indicate a potential reversal of momentum as it moves closer to overbought from the 73.4043/74.2908 level it is currently floating around.
Potential Wedge, Look for a breakout to the downside below the 1351 price level, into the potential target zone of 1340.2(target 1).
Should the market continue its downward momentum, we should find out next resistance in the 1328.5 level (target 2).
There after we could expect a pullback into broken resistance, the 1340.2 level before further continuation of the downward trend into the 1311 price level (target 3).
Indicators :
Readings on the Stochastic indicate a potential reversal of momentum as it moves closer to overbought from the 73.4043/74.2908 level it is currently floating around.
