Comex Gold Rock Hard Support Level $1525, Above Don’t Sell – Buy and Hold 1000—500 Lots – Sell Karna Mana Hai
The Gold, “price breakout is now approaching targets into uptrend resistance – look to reduce long-exposure / raise protective stops on a rally into the upper parallels.”
Price registered a high at 1611 today before reversing sharply and the risk remains for a deeper pullback while below pitchfork resistance / the 61.8% retracement of the decline off the record highs in gold at 1586- a breach / daily close above this threshold is needed to mark resumption of the broader uptrend targeting $1625 level.
Initial daily support now rests a $1530/$1558 with broader bullish invalidation now raised to the objective monthly open / December 2011 low at $1520 level.