Gold under pressure below 1218
Gold is not looking great to be fair...but is stuck at some good support in the 1218 area...If we lose this support.. and to be fair this is looking more likely...then the market will be under pressure once more to try for 1210 to 1204...
Even that I think will be like placing a band aid over a gaping wound...Gold just does not look strong from the weekly charts...and a break below 1218 would leave us with actually a target of 1195 first then 1183....
Just be careful if going long on weakness...take profits really quickly and be prepared to lose the bullish tendencies you may have in your head...sometimes it is just not a case of wanting to go long and the lower a market goes the better the price to buy...You are long for a reason...Once that reason has been removed...like Gold breaking below 1249...then its not a case of cheaper to buy ...its a case of turning into sellers because the market is going lower...Once you can get your head round that....the better you will be placed to trade markets...Gold especially.. which is renowned for its sharp moves in either direction over the past 8/9 years...
Gold failing at 1300 was significant to the trend....and only a correction of the move lower from 1375 to 1122....Gold now looks vulnerable again...and if we bounce it is unlikely that we would break back above 1235/36 area...Use that as a get out of jail quick card if long at these lower levels...
Any longs are out at 1215 as the market will take no prisoners as it wends its way lower....