Gold - We Look to Sell a Break of 1240

Gold - We Look to Sell a Break of 1240

7 June 2016, 09:00
Roberto Jacobs
0
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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.


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