GOLD technical picture & outlook for September 11, 2014

Short position has paid off handsomely. There is a lot of overhead resistance between $1270 and $1280 and all technical indicators are negative. There is significant support @ $1240 from June and it will be interesting to see how price reacts as soon as it gets there. If $1240 fails to hold, prepare for a re-visit of the 2014 lows @ 1180. I will close open shorts around $1265.

Gold Dec’14 futures, daily chart:

GOLD_Daily_20140910

Chart courtesy of Barchart.com. http://barchart.com

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