Gold short to retest 1,200 support
The fundamental story at the moment is bullish gold with all the uncertainty around (Brexit etc). However with stimulus on the horizon and indicies rallying (plus the Hargreaves Lansdown Investor Confidence index at 4yr low! Very contrarian.) I can see money moving to riskier equities.
On the monthly chart I've spotted a first test of a prior support trendline which has been in place since the 2000s. Price has just bounced off the previous resistance level of 1,400 which is also the 38.2% fib retracement from the previous move down. THe current level also coincides with a trendline down not previously tested since 2013.
I can see a gold short going down to retest 1,200 support level.
On the monthly chart I've spotted a first test of a prior support trendline which has been in place since the 2000s. Price has just bounced off the previous resistance level of 1,400 which is also the 38.2% fib retracement from the previous move down. THe current level also coincides with a trendline down not previously tested since 2013.
I can see a gold short going down to retest 1,200 support level.
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