The sharp overnight selloff in precious metals had changed the short-term outlook for gold. That said, this morning rebound from the overnight low of $1739.60 presents a selling opportunity. Prices rebound to the 61.8% retracement of $1763.69 to $1739.60 at $1754.49 with a high at $1755.06 and eased back. If so, there is a possibility gold may extend its overnight loss towards the $1700 handle from here.
Sold @ $1751.03 Tue, Nov 29, 12:13pm. Closed Out Position, Thu, Dec 1 03:26am
Stop @ $1770.00
Target @ $1704.00