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Gold: Intra-day levels to watch at 1303/00 and 1313.00 - 2ndSkies

FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, the gold market has entered a consolidation phase, with key intra-day levels to watch the 1303/00 and 1313 for the next major direction.

Key Quotes

"In the members commentary last Thursday, we talked about the key resistance short term for gold being the 1324 area, and that if the precious metal rejects from here, expect a round trip back down towards 1306."

"As we can see, the PM fell lower from a high of 1323 last week, heading right back down to 1306..."

"For now, intra-day we have to watch the 1303/00 and 1313 levels to watch for the next major direction. While long term we are still in a down-trend, medium term we are in a range with some bullish under-pinning. If 1324 folds, then the 1331 and 1341 levels will be tested.

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