Gold - Possible support at 1209?

Gold/U.S. DollarFXCM

Description

⋅ Nov 22, 2013 12:59 AM

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.

Comments

fxtrader66

⋅ Dec 7, 2013 10:56 AM

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.

alex.a

⋅ Nov 22, 2013 2:28 AM

Too many confluence in this region, for amateur to trade unless scalping... >_<

fxtrader66

⋅ Nov 22, 2013 7:10 AM

Coming into a possible double bottom is a good confluence to take a trade on signs of support.