Gold: Will it Break Below $1200?

Gold broke market structure and closed below key support at 1270 on Friday 11th October.

We have been bearish on gold for some time and We have said that 1270 remains a key level for gold.

Last month Fitch ratings announced that $1200 probably is not a bottom for gold and that there is a real possibility it might go to $1000. I agreed with this analysis in my report to Swiss TV.

As a result of gold’s close below 1270, I now see $1200 and $1179 being tested and ultimately taken out. See above video for potential trade opportunities.

For further updates on gold and silver sign up to our trading alerts.

Alessio Rastani is a stock market trader at www.leadingtrader.com.

Comments are closed