Trade idea: Short Gold

There’s been a break of mini support for gold, where now? IGTV’s Jeremy Naylor explains that he’s just put on a short trade on the precious metal having witnessed a break of the $1,681 support line. Using the Fibonacci tool he has his stop at 1,735 with a possible early hesitation at the 61.8% retracement price of 1,658.

Assuming that gold continues its drop his price target 1,615. That would represent a total Fib retracement. To back this up he is assuming that Thursday’s US CPI data will come in hot and possibly exceed targets, giving the dollar another leg up.

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