In yesterday's trade ideas we looked at this market and the support level price was moving into on the 4 hour chart.
Price has now held at this area and made a small push back higher.
If price can now break the intraday resistance around 11545.47 we could see another leg higher to continue the longer term trend.
Watching asia late last night shows it made a major low and before London open there now has been strong buy orders trying to take place.
Waiting for one last touch of the last bottom level and a push back up in price
Gold did not rebound much on the equity crisis, and did not play its safe haven role... That makes me think that is we see the equity rebounding in the next weeks, gold could see lower bottoms.
Technically, we have a nice push back on the resistance (old support) where I put my stop loss.
And if the channel is still valid, my target is below the July's bottom at 1040.
