Attention my dear friends here, breaking below 1146.1 yesterday was not good for the bulls, and we shift our attention today towards the actual bottom of the daily channel ,which is currently running extremely close to yesterday’s low 1142.7. This is now a key support that must hold if we are going to recover, a break below this level is expected to be very harmful for the bulls, as price could crash and could very much approach, if not break below the $1,200 landmark! So careful..
There are no important support levels ahead of 1142.7. A clean & clear break below this level would put pressure on the price of gold, and would target 1140.5 & 1137.7 first, but I doubt such an important break would settle for such limited gains. More interesting targets include 1130.0 & 1123.1.
On the resistance side, the Asian & European sessions highs are one pip apart, and they make the first resistance at 1152.9/1153.0. Although it makes sense to consider buying gold at current levels, since we have touched the bottom of a daily channel yesterday, it is only with a break above 1152.9/1153.0 that gold could be on the way higher. First target for this break, in case it actually happens, is 1163.9/1164.1, ahead of the short term retracement levels, which do not start until 1173.5, and include 1183.0 as an ideal target, ahead of 2 important levels at 1192.5 & 1200.3.
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