Gold made Friday a rather erratic movement faking a breakout of 1300 points.
The course has rebounded sharply over the 1310 points to reach 1320 points (resistance) extension
The 1310 points is as an excellent key point to address short-term gold.
The course is now included in a short-term (new orange segments on the 1H chart) downtrend.
I would advise traders to treat or based on 1310 points:
- That Long positions (with purchase) above 1310 points.
The upward breaks in 1320/1330/1340 point would then offer new buy signals for an extension bullish.
- That Shorts positions (for sale) under 1310 points.
Dips breaks in 1300/1290/1280 point would then offer new sell signals for an extension of bearish movement.
Attention to the lines of the new short-term bearish channel (orange lines) which should serve as lines of resistance / support for correction.
