18 Jun 2014
Strong rejection in Gold prices - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that given the strong rejection in gold on Tuesday, it suggests that traders should stay aside until new clues are provided.
Key Quotes
"In yesterday's daily market commentary, we talked about the daily pin bar, and suggested selling just under 1273."
"The pair shortly after hit a high of 1273.09, then sold off to our first target of 1265, and almost to our second target of 1257 (daily low was 1258)."
"Hopefully you locked in some profit, and if not, we'd suggest taking some and neutralizing the risk."
"Due to the false break and heavy buying intra-day, we suggest standing aside, and not considering shorts till minimally 1283/85."
"For now, there is a short term trading range between 1258 and 1285, so watch these for a break and potential next direction. Clearing the upside level puts 1300 into sight, while below 1257/1255 puts 1245 and 1240 in focus."
Key Quotes
"In yesterday's daily market commentary, we talked about the daily pin bar, and suggested selling just under 1273."
"The pair shortly after hit a high of 1273.09, then sold off to our first target of 1265, and almost to our second target of 1257 (daily low was 1258)."
"Hopefully you locked in some profit, and if not, we'd suggest taking some and neutralizing the risk."
"Due to the false break and heavy buying intra-day, we suggest standing aside, and not considering shorts till minimally 1283/85."
"For now, there is a short term trading range between 1258 and 1285, so watch these for a break and potential next direction. Clearing the upside level puts 1300 into sight, while below 1257/1255 puts 1245 and 1240 in focus."