Gold Short Term: consolidation in place.

Gold (XAU/USD)
+30.91+0.64%
short positions below 5240 with targets at 4650 & 4400 in extension.
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Pivot: 5240

Our preference: short positions below 5240 with targets at 4650 & 4400 in extension.

Alternative scenario: above 5240 look for further upside with 5410 & 5600 as targets.

Comment: the RSI is bearish and calls for further downside.

Supports and resistances:
5600
5410
5240
4842 Last
4650
4400
4250

Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.
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