12 Feb 2015
Gold targeting $1,206.00 - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, only a daily close above 1245 in Gold negates the bearish bias ST.
Key Quotes
"On Monday in the members trade setups commentary, we talked about the key resistance at 1245 and the corrective price action pullback, suggesting to sell at the level."
"Our first target of 1225 has been hit, so anyone who traded this would have locked in a really large profit by now. The second target around 1206 is still a potential move, especially if the ST resistance around 1230 can hold, but stops on open trades should be brought to breakeven or locking in some good profit on the remaining positions."
"Only a daily close above 1245 negates this bearish bias ST."
Key Quotes
"On Monday in the members trade setups commentary, we talked about the key resistance at 1245 and the corrective price action pullback, suggesting to sell at the level."
"Our first target of 1225 has been hit, so anyone who traded this would have locked in a really large profit by now. The second target around 1206 is still a potential move, especially if the ST resistance around 1230 can hold, but stops on open trades should be brought to breakeven or locking in some good profit on the remaining positions."
"Only a daily close above 1245 negates this bearish bias ST."