spotfxtrader

Gold is at a critical juncture here. The long term major technical level at 1157 has been tested and rejected again, and the rally off the low has been moderately impulsive. We need to see 1227 conclusively breached as initial indication that the low has been made, while regaining the 1297/1307 area would confirm the reversal. Last week completes two weeks above the swing low for the move, so any failure from here would open the possibility of a sharp break lower, for which 1015 would be expected to form the objective.