Gold prices have stalled at the 1330-1350 resistance area. In that area resides previous support now turned resistance, the 61.8% retracement of the June decline, and the 161.8% extension taken from June 28th to July 5th. Price has also hit the top of the descending channel that has been neatly holding price action.
Short entries with a stop above 1350 offer excellent risk/reward for an opportunity to get in on this Gold down-trend that we have been seeing since October of 2012.
With so much focus on U.S. data and when the Fed will taper their asset purchases, Non-farm Payrolls tomorrow could be a huge catalyst for this trade.
Look for a better than expected NFP print and aim for at least a 1:2 or 1:3 risk/reward
Short entries with a stop above 1350 offer excellent risk/reward for an opportunity to get in on this Gold down-trend that we have been seeing since October of 2012.
With so much focus on U.S. data and when the Fed will taper their asset purchases, Non-farm Payrolls tomorrow could be a huge catalyst for this trade.
Look for a better than expected NFP print and aim for at least a 1:2 or 1:3 risk/reward