The next major support for gold is not until 1005 (former breakout level). Even then, I expect that level to be taken out without much of a fight as the deflationary environment has returned with a vengeance. Short term resistance is defined by Fibonacci retracements from 1075 to 1094.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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