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Gold daily 02/07/13

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2275
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OK, so $1265 wasn't the bottom for gold and I missed the bounce, however, there was a good opportunity to go short again on this based on a simple backtest of the previous support (breakdown) level at $1268.9 (I did post on the POG comments that I intended to short this here).

The next major support is at $1157 and is shown on the weekly chart to the left.
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Here we see that $1157 is actually a double support and it's therefore really  quite important that it holds or it could go a fair bit lower quite quickly - it's the weekly low from July 2010 (which formed a weekly hammer which resulted in a breakout to the all time high) and also the 61.8% Fib of the entire move up from $682 lows in Oct 2008.

Ultimately, this could go lower than even this level but we'll concentrate on this for now.
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