Gold is moving towards 1295, the 0.618 retracement of recent gap and .236 fib extension resistance of previous bear leg. The established trend remains bearish and lower lows and lower highs are evident on 240 graph. Higher TFs show that there is a potential for support as continuation of bigger bullish move on weekly might attract demand so staying alert for a serious bull move is recommended. For now, limit sell orders around 1295 with $7.5 stops (ATR*1.8) and 2R-3R target stop buy around 1275 seems to be the reasonable course.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.