$1240 is 0.382 retracement and the important resistance zone after breakdown of the uptrend line.
From the technical point of views, if gold cannot break the $1240 resistance, it is supposed to retest the $1100 support (precious low).
I don't think gold will break the $1100 support due to a basket of fundamental factors.
If you are long term investors, it might be a good buy opportunity if gold fall to $1100.
If you are short term speculators, I will suggest you to short at $1235 - $1240 with sl $1270 & target $1140.
From the technical point of views, if gold cannot break the $1240 resistance, it is supposed to retest the $1100 support (precious low).
I don't think gold will break the $1100 support due to a basket of fundamental factors.
If you are long term investors, it might be a good buy opportunity if gold fall to $1100.
If you are short term speculators, I will suggest you to short at $1235 - $1240 with sl $1270 & target $1140.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.