11 Dec 2013
Gold: looking for small long between 1221 and 1213 - 2ndSkies
FXstreet.com (Bali) - On the back of a strong run to the downside, Gold managed to recover some ground in the last week, leading to a double bottom and pin bar rejection off 1212 area, notes Chris Capre, Founder at 2ndSkies.
"I'd be interested in taking a small long between 1221 and 1213 to see if the bulls will hold and the PM find a bid, Chris said, adding that "traders can watch for pullbacks and corrective weakness into the aforementioned support zone."
"Upside targets will likely be 1250, 1267, and potentially a return to 1290 before the holidays" Chris said, while failure to climb higher sees year lows around 1180 threatened, the Analyst added.
"I'd be interested in taking a small long between 1221 and 1213 to see if the bulls will hold and the PM find a bid, Chris said, adding that "traders can watch for pullbacks and corrective weakness into the aforementioned support zone."
"Upside targets will likely be 1250, 1267, and potentially a return to 1290 before the holidays" Chris said, while failure to climb higher sees year lows around 1180 threatened, the Analyst added.