So what was going on ?
In my latest analysis for gold i was looking for a move after the multiple rejection at 1268-1279 , however, price failed to rally above 1310, and pushed sharply lower breaking that key support which was a major negative signal as usually when price fails to rally after multiple attempts that implicates a strongly weak market.
- Before the breakout the price entered a phase of consolidation which took the shape of a , and the breakout below 1268 completed the pattern.
- The full target for the triangle is near 1205. But watch for 1230 which is another potential support.
- In the very short term, watch for 1250 level, which is the key resistance for now, if taken may extend to 1260.00 and 1268.00., but i would look to short gold if that pullback materializes.
This is a general view, as usual i will try to post a more precise trade setups as i encounter them,
Good luck, and happy trading
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