GOLD, the buyers have retreated back!
Tough beginning of the week for the precious metal which is sliding backward all day, start from 1235, reached the low at 1208 for now. Where are the buyers? In my point of view, they are waiting at aprox 1200>1195>1190 and that could be the strong support if the gold falls to that level. This is already huge decline, but it’s not a surprise if we remember last week. As I have pointed in my gold weekly chart from February 11., the gold is supposed to close last week over 1145 to remain strong and it didn’t. That’s why the buyers have retreet lower in the beginning of this week, it will be interesting to see their reaction now!? On the way back up, the first resistance is placed at 1220, next one at 1235/45!
Forex Trader 