The gold price reached 94 points down from our initial short entry point on Friday. It’s failure to break through upper trend lines make it less likely that the secondary short entry point will be hit (but not impossible).
Those of you who went short in our first short entry zone now have a number of levels where at least you can protect some profits – the dotted green line on our chart (currently around 1785) should prove to be a good level of resistance if gold is to continue downwards.
The next downward target for us is on a unconfirmed trend line way down at around 1600 – but let’s wait and see whether the current resistance does its job before talking about that.
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