Gold has moved up as expected so we are now looking for resistance at one of our “red lines”.
Timing wise, the best position for us is the red circle -so a small retracement followed by a bounce up to this short zone would make sense and be a good relatively low risk entry point to add to existing short positions.
Moves above the thick dotted white line would indicate that gold has some upward potential to just over 1900 – but even then we’d expect it to “top out”.
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