Gold Continues Moving Lower and Peaks through Bottom of Cloud
Gold closed down 9.8 points today and poked through the bottom of the Ichimoku cloud. There is a lot of support at this level though so we need to see if price will hold here or will the bear move continue. Of note is that Wednesday opens with the 6th consecutive day of red Heikin-Ashi candles.
Support Levels
While its too early to predict where the bottom of this move might be, let's keep our eyes on the .272 fib extension off the Election Night high to the December low.
The volume profile is showing a low volume node at 1190. That would be a good short term target if price continues to move lower.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Support Levels
- Lower Bollinger Band - 1214.70
50 Day Moving Average - 1210.70
21 Week Moving Average - 1212.80
38% Fib from Election Day High - 1209.30
While its too early to predict where the bottom of this move might be, let's keep our eyes on the .272 fib extension off the Election Night high to the December low.
The volume profile is showing a low volume node at 1190. That would be a good short term target if price continues to move lower.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
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