Gold adjusted its previous gains to close at $1,242, down $9.75. Despite a negative closing, gold registered a higher high and higher low indicating that the corrective trend is likely to continue. A rise above yesterday’s high will open the way towards $1,273, followed by $1,302, a 38.2% and 50% retracement of the fall from $1,424 to $1,181. However, a drop below yesterday’s low will cause the downtrend to resume with $1,156 insight. We recommend investors to stay cautious on the higher side. The support and resistance are at $1,232 and $1,256, respectively.
Posted on: Wed, 03 Jul 2013 10:28:06 +0000
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