Gold Is Flirting With Major Technical Support at $1,140 Per Ounce

Gold has sold off in recent weeks but is approaching a key long-term support area down near 1,140.00 to 1,180.00.

The price of gold has fallen a long way in recent weeks, and it is likely we will see some kind of dead-cat bounce from these extreme price levels in the next few weeks. Don't look to be a seller at these prices but an opportunistic buyer at the 1,140 level, and watch for convincing buy signals on the four-hour or daily chart to confirm an entry.

Copyright 2016

This article is commentary by an independent contributor.

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