GOLD: 13/06/13. 10:45HRS

GOLD:

Gold is in a down trend.

Chart below:

 

Price has retraced back to the 61,8% Fibonacci Level.

Price has then moved lower back toward the 38.2% Fibonacci Level.

The red arrows show where price has hit a top or a bottom.

 

Chart below:

 

 

 

Price has now moved through the support, retraced to resistance in the form of the Weekly Pivot Point and 50% Fibonacci level.

Chart below:

 

There is a clear double top and a support level below.

 

If price breaks the support level I will enter a short with 0.5% risk.

 

I will look to add a further 0.5% on a pull back.

 

Levels and chart below:

 

Entry: 1383.00

 

Stop Loss: 1389.00

 

Target: 1.359.00

 

 

I will update again should the position be opened.