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10 Apr 2015
Gold might correct higher – CharmerCharts
FXStreet (Barcelona) - Carol Harmer of Charmer Charts, views that XAU/USD might undergo an upside correction today if the precious metal breaks above 1198.
Key Quotes
“Gold held onto support and we are seeing a small correction currently...Given the recent 3 day decline this 1192 may well be enough short term on the downside, and we could well see a correction today.”
“We need to climb back above 1198 to have any chance of correcting, and if we can do that there is scope for further strength leading to 1204 possibly 1206/07.”
“We cover any long positions to here....Attempt shorts, but do not hold if the market breaks 1208...If we break above here we can see this trade higher with 1212 then targeted.”
“Now as stated, support is down at 1192/90....Therefore a loss of this support keeps the market looking under pressure, leaving us liable to further downside moves towards 1180/79.”
Key Quotes
“Gold held onto support and we are seeing a small correction currently...Given the recent 3 day decline this 1192 may well be enough short term on the downside, and we could well see a correction today.”
“We need to climb back above 1198 to have any chance of correcting, and if we can do that there is scope for further strength leading to 1204 possibly 1206/07.”
“We cover any long positions to here....Attempt shorts, but do not hold if the market breaks 1208...If we break above here we can see this trade higher with 1212 then targeted.”
“Now as stated, support is down at 1192/90....Therefore a loss of this support keeps the market looking under pressure, leaving us liable to further downside moves towards 1180/79.”