Gold (Spot) - Intraday - We look to Sell at 1516 (stop at 1526)
Previous resistance located at 1535. Selling pressure from 1535 resulted in all the initial daily gains being overturned. A bearish Head and Shoulders is forming. A break of support at 1483 should lead to a more aggressive move lower towards 1409. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. Preferred trade is to sell into rallies.
Our profit targets will be 1484 and 1409
Resistance: 1516 / 1535 / 1555
Support: 1484 / 1462 / 1409
Previous resistance located at 1535. Selling pressure from 1535 resulted in all the initial daily gains being overturned. A bearish Head and Shoulders is forming. A break of support at 1483 should lead to a more aggressive move lower towards 1409. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. Preferred trade is to sell into rallies.
Our profit targets will be 1484 and 1409
Resistance: 1516 / 1535 / 1555
Support: 1484 / 1462 / 1409
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