Gold has been on a bit of a decline ever since we started getting a rally in the USD. After Friday’s big spike in the USD, Gold also copped a bit of a whack. I suspect that we are going to see more downside in the yellow metal as the week rolls on, so my focus will be identifying the best points to be selling.
The clear resistance level in gold that I like in the short term is 1290. It’s resistance as well as the 50-SMA on the 4-hr chart. Above that, we have 1300 and 1305 which should prove difficult to rally through in this environment.
It’s hard to say if we will pullback in early Monday trade, however, I don’t want to sell the bottom just yet so I think it’s best to wait for an opportunity. That said around 1280 would be a good aggressive short entry point.
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