FX.co ★ Gold Fails At Resistance, Look Lower Now

Technical Outlook and Chart Setups:

We have again presented the 4H chart view for a closer look. As we were discussing yesterday, a failure at resistance of 1775.00 levels have triggered a selloff. At the moment, it would still remain as a retracement of the latest upswing from 1720 to 1775. As depicted above, the short-term trend line support will come at 1750.00 level; and a bounce from there would resume a rally towards 1800 and higher. On the other hand a break here would expose the lined up supports at 1720, 1690 and lower. Aggressive traders can remain short targetting at the moment at 1750.

Trading Recommendations:

Aggressive: short now, stop at 1780, target 1740/50, exit shorts and go long on a bounce at the trend line.

Conservative: flat for now.

Good Luck!