Gold Short Targets

I want to follow up on my earlier post on potential downside targets for Gold. There are 2 immediate targets.

• There is a 23% fib retracement at 1256.5. This fib is based on the yearly high and low. You can see a strong line of support there.
  
• A trendline that extended from the last 2 pivot lows has a strong confluence with the same fib's 38% retracement level. It's also in the general price are of the lower Bollinger Band.
  

To recap, 2 strong support levels at 1256 and 1231.

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Disclaimer: This post is for educational purposes only. Trading is at your own risk.