Gold - Short-term downside potential to 1210

Date: 20th June,2017 by Timothy Straiton

Current level is 1246 and trading below the monthly pivot level of 1252 but above the 200 day falling moving average of 1237. The Fibonaaci 50% retracement level from the high of 1375 made in July 2016 to the low of 1046 made in March 2015 comes in at 1210 and will probably turn out to be an ideal level to accumulate long positions. The 14 day relative strength index is currently at 41% and still leaves adequate downside potential before an overbought scenario becomes evident.

The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
Thanks to our donors, is able to deliver quality investment advice, market analysis and technical trading guidelines and general information of use to investors and traders on a regular basis.