Gold has been trading downwards as we expected. The price tested the level of $1.268.00. Our short position on Gold from yesterday is progressing good and we expect more downside.
According to the H4 time-frame, we found more acceptance below the key support cluster (purple rectangle) at the price of $1.280.00, which is sign that sellers are in big control on the Gold. The 4-month long complex head and shoulders is dominating the background that sellers are very active on the Gold. As long as the Gold is trading below the $1.315.00, we will be bearish.
Our recommendation: We are bearish from yesterday at $1.275.00 but we will add after every decent upward correction structure more selling position. Our advice is to watch for selling positions only. The downward targets are set at $1.211.30 and $1.196.50.
The material has been provided by InstaForex Company - www.instaforex.com
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