Gold Trading range between 1220 and 1250 before big move

15 ก.พ. 2017

Gold appears to be in a corrective state from a large bearish breakout. The 61.8 Fib level at 1220 should hold as support whereas the 38.2 level at 1250 will act a resistance. I see an upward break of the ascending trend line coming after the first test of 1250 before a retest of 1220.
The 2nd Test of 1250 will prove critical, a break above and the bearish trend can be considered over and 1450 should remain as a long term target.
A rejection of 1250 a second time and a break back below 1220 and we could see Gold nose dive back toward the 1000 level.
Will update ongoing