Good Evening Gold Traders,
looks like Gold broke some significant technical levels and is breaking down, down over $20 on the night as I type this. Bears should be careful at these levels, as it seems that some support levels are not too far down from here.
golddaily 855.3 is 50% retracement from multi-year lows in October to the recent March highs, there are also 2 trendlines in play right in that area.
Another sign to be cautious is that gold is at oversold levels not seen since December and Overall multi-year lows in October. No particular reason to cover the shots just yet, but initiating new longer term short positions as it gets closer to 860s might be risky.
Cheers
Vlad