Sohtionghum

Gold at multi-month support resistance

FX:XAUUSD   Gold Spot / U.S. Dollar
229 2 2
A steep rally calls for a substantial retracement and consolidation before new entrants find a good entry to move price to the next level. Therefore this two day correction in Gold             may not be enough. That also means that this horizontal level around 1350 could be just temporary. That said, short terms traders may find opportunities while bears must watch out.
I predict that resistance will become support for future movement. 1350 our new base
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Sohtionghum TheChasm
1350 certainly looks like a good place to build support since we can find turning points at this price level over the past few months. However price should make deeper retracements or longer consolidations for it to attract strong players who can take price higher. Unless gold decides to rally in a hurry for non-technical reasons.
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