We have a possible demand-zone here. Wait for confirmation before buying.
Look at the gold-chart for confirmation as well. Gold and Dow have some correlation --> which means that if gold shows weakness, Dow will probably rise.
Gold has now made a double-top with the help of the NFP news which pushed it up into the resistance-zone. This zone has showed resistance before. Gold is showing weakness inside of this zone, so we are shorting it.
Look at our previews analysis to see the setup more clearly.
Target area: $1300
Gold have rallied the last couple of days. Today the major indexes also rallied which should have sent gold down.
Gold touched a recent and very important high and then turned around. Now we are waiting for gold to touch again and forming a double top before going down even further. We are expecting to see a target around 1300.