GOLD Next Week Outlook - next target is November last year low at 1131.75
14 July 2015, 21:11
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W1 price is located below 200 period SMA
and 100 period SMA for the primary bearish market condition: the price broke 23.6% Fibo level at 1167.08 with the next targets as Fibo level at 1147.11 and November last year low at 1131.75.
- weekly price is crossing triangle pattern from above to below for possible bearish breakdown;
- 200 SMA
and 100 SMA are showing the primary bearish without any ranging possibility;
- RSI indicator is estimating the downtrend to be continuing.
If the price will break Fibo support level at 1147.11 so the bearish market condition will be continuing up to 1131.75 level.
If not so the price will be ranging between between support level at 1147.11 and resistance level at 1199.61.
Trend:
