18 Feb 2015
Gold: Weak pullbacks are selling opportunities - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, remains bearish in Gold while below 1231/1235, noting that weak pullbacks into resistance are selling opportunities.
Key Quotes
"After pulling back a few dollars above the key role reversal level we talked about at 1231, the metal ran into heavy offers which resulted in the impulsive selling resuming. In the process, the pair touched the key support we talked about 1206."
"The commodity has since formed a small inside bar at support. If we get impulsive selling here and take out today's lows, then we are talking about a likely attack on 1175. For now, I'm remaining bearish while below 1231/1235 so weak pullbacks into resistance are selling opportunities, perhaps 1217."
Key Quotes
"After pulling back a few dollars above the key role reversal level we talked about at 1231, the metal ran into heavy offers which resulted in the impulsive selling resuming. In the process, the pair touched the key support we talked about 1206."
"The commodity has since formed a small inside bar at support. If we get impulsive selling here and take out today's lows, then we are talking about a likely attack on 1175. For now, I'm remaining bearish while below 1231/1235 so weak pullbacks into resistance are selling opportunities, perhaps 1217."