Gold has opened down again in Asian trade. It has been one of the worst performers in recent times and so far it is down a further 0.5% to get things moving early on.

Just having a quick look at the daily chart we can identify a few quick downside targets that we might be seeing some support.

1171 – where we currently are should give some buying interest.

1146 – minor support

1127 – MAJOR swing low

I’m looking for a move to 1127 as that is the swing low and I feel that price will be sucked to this level.