Gold Market News
Pivot Point (Gold)
Gold spot Intraday: capped by a negative trend line.
Most Likely Scenario: Short positions below 1160 with targets @ 1142.6 & 1139 in extension.
Alternative scenario: Above 1160 look for further upside with 1165 & 1170 as targets.
Comment: As long as 1160 is resistance, look for choppy price action with a bearish bias.
The gold markets fell during the course of the session on Tuesday, but continues to find support at the $1140 level. With that being the case, the market could very well bounce from here but we need to clear the $1170 level. On the other hand, if we break down below the $1,140 level, we should then head to the $1000 level without too many issues. Regardless, we believe that there will be a bit of volatility in the near term but recognize that we could be approaching a longer-term trading opportunity to the upside.