fxtrader66

Gold - Possible support at 1209?

FX:XAUUSD   Gold Spot / U.S. Dollar
286 3 1
Believe price could find support at the 88.6 fib at 1209, if this level is broken the June lows could be tested.

If price does find support at the 88.6 fib it could be a nice long up to the top trendline .

Alt. break below June low and the bottom price channel could act as support as it did on three previous times.
Price came down to 1211 which could be a double bottom. If price can hold this level, believe gold could stage an end of year rally.
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Too many confluence in this region, for amateur to trade unless scalping... >_<
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Coming into a possible double bottom is a good confluence to take a trade on signs of support.
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