Shorting Gold from Solid Resistance
Gold prices dazzled the market with an unbearable shine last week after prices leapt by 4.4% to $2431 per troy ounce. Following the attainment of new all-time highs, they retreated to $2324. The resistance at $2400-2500 per ounce remains formidable and unyielding. A breakthrough in this zone seems highly improbable. The $2400-2450 range appears secure for initiating short trades. My target is $2200-2220 by the end of April. I will set the stop-loss at $2600 per ounce.
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