Gold: Hold Shorts Below 1283 Level

Gold: Hold Shorts Below 1283 Level

Gold Silver Reports – Gold looks like it could continue lower this week & holding below 1263/62 targets first support at 1255 but longs look risky. A bounce from here cannot be ruled out initially, but further losses towards trend line support at 1251/50 would not surprise.

Although this could hold the downside today I would not rule out a slide as far as 1233 this week but this should be an excellent buying opportunity. At this stage any recovery looks like a short term selling opportunity, although eventually the longer term bull trend is expected to resume. First resistance at 1268 could hold a rally but above 1272 meets strong resistance at 1278. Shorts need stops above 1283. РNeal Bhai Reports

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