GoldBands
Short

Gold Breaks Support Line but Ends Day Back Above It

COMEX:GC1!   GOLD FUTURES
41 0 2
Good Evening Traders!

Early morning trading saw Gold             break through the long acting support trend line from January, 2016 but then pop back up to end the day above it. The move down was enough though to hit my first profit target @ 1320 where I took off half my position for a nice profit of 11+ points. It is interesting to note that price touched the BB midline at the high of the day and also touched the inner most BB (1.0 Std. Dev) at the low of the day.

With this kind of price action, it's hard to read which direction gold             wants to go. My only clue right now is that the Stoch RSI still has more downside potential before I would conclusively say that the downward cycle is over. In a purely protective measure, I've moved my stop to 1309, break even on my remaining position.

Safe trading and protect those profits!

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