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Gold Scalps Target Key Inflection Range- Rally at Risk Sub-$1237

Gold Scalps Target Key Inflection Range- Rally at Risk Sub-$1237

2014-12-09 22:26:00
Michael Boutros, Strategist

Talking Points

Gold Weekly

Gold Scalps Target Key Inflection Range- Rally at Risk Sub-$1237

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Long bias at risk below resistance confluence at $1236/37- bearish invalidation
  • Key support remains $1137/55- Subsequent support targets at $1099 & $1044
  • Resistance breach targets objectives at $1248 & $1262/68
  • Daily RSI resistance trigger pending- break would be constructive
  • Event Risk Ahead: US Retail Sales on Thursday & University of Michigan Confidence Survey on Friday

Weekly Daily

Gold Scalps Target Key Inflection Range- Rally at Risk Sub-$1237

Notes: Last month we highlighted the risk of a near-term pullback in gold prices as we approached the $1206 resistance barrier after gold posted its third consecutive week of advances. The subsequent sell-off got as deep as the $1137/55 key support region before rebounding sharply on December first. The rally has now reached its next area of key resistance at $1236/37. Long below this mark are now at risk and our immediate focus is against this level.

Bottom line: looking lower near-term with the proposed pullback likely to offer more favorable long entries. The trade remains constructive above the median line with only a move sub $1179/80 shifting the medium-term outlook back to the short-side. A breach of the highs targets resistance objectives into $1248 & $1262/68. Caution is warranted heading into US event risk later this week with the release likely to fuel added molality in the greenback and USD denominated assets.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Relevant Data Releases

Gold Scalps Target Key Inflection Range- Rally at Risk Sub-$1237

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

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