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amos_karanja

GOLD SHORT IDEA

Short
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
amos_karanja Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Chart Patterns
5
0
trendanalysis chartpattern
Gold has reached a critical resistance Zone. The region 1700-1720 yields a strong Shorting Zone.
Rejections around this zone will provide a great opportunity to short. A break out above this zone could see the bulls push above 1735-1750s.
Comment:
Gold has failed to break above 1729 for the 3rd day, settling around the 1700-1727 area. Probably waiting for the NFP data release on Friday, 7th October.
A break below the 1695-1700 support will push gold to lower levels - 1680s, 70s, and ultimately 60s for the next support.
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