The gold sticks to correction, the signal of beginning of which started on Monday. The gold lowered the quotations from local maximum by 22 dollars for 1 ounce and is now quoted for 1655.
In spite of the fact that on Thursday there were some troubles on market that were connected with FRS meeting and Ben Bernarke’s speech, descending short-term tendency did not change and most likely the gold will continue descending to 1645 where 38.2 percent level of correction is to the previous growth by Fibonacci. The next obstacle for quotations decrease is the level of support of 1636.
That is why when reaching the mark of 1645 it becomes possible to exit the short positions and to wait for a breakdown of a level 1636 dollars for an ounce. And meanwhile one may secure his positions by moving stop to a safe position for 1665 dollars, since if the price returns to this level it is safe to say that the descending trend has weakened and the correction is finished.Social button for Joomla