Gold: Quick SHORT

٨ أغسطس ٢٠١٧

Gold price is below the red tenkan sen line and is heading towards the cloud. It also has touched the cloud and bounced back. I believe there is still more downside to come in the coming sessions as there are still negative signs on the daily chart and price can visit 1240 area where the lower cloud boundary lies. That area acts as a strong support and can cap the gold declines. But if that area once broken decisively then I expect Gold to move towards 1180. But for now Short-term selling looks good option to me.
Recommendations: SHORT at 1260 with stop at 1268, Target 1245-1240.

Good Luck..