Gold: Due for a Correctional Bounce?
Update: That trade failed. Breaking 1240.00
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Gold is trading near the bottom of a clear short term bearish channel, where Oversold conditions, bullish divergence on RSI and the Short term channel support hint a potential upside pullback for now.
The pullback scenario requires 1240.00 major support to hold. And targets the mid-channel resistance around 1275.00 level.
1240.00 is a key support level to watch.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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Gold is trading near the bottom of a clear short term bearish channel, where Oversold conditions, bullish divergence on RSI and the Short term channel support hint a potential upside pullback for now.
The pullback scenario requires 1240.00 major support to hold. And targets the mid-channel resistance around 1275.00 level.
1240.00 is a key support level to watch.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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