Gold - We look to Sell a break of 1240 (stop at 1250)
Gold - The rally was sold and the dip bought
resulting in little net change yesterday. Although the bulls are in
control, the stalling positive momentum indicates a possible turnaround
is possible. The bearish engulfing candle on the hourly chart is
negative for sentiment. A lower correction is expected.
Further downside is expected, however, due to the strong support below we prefer to sell a break of 1240, which will confirm the bearish sentiment. The Marabuzo level from the 3/6/16 is located at 1225. Our profit targets will be 1225 and 1220.