Gold slides to new low of 1204 this year as price rebounds to 1215 range yet again
Gold prices edge lower as the 104 moving average acts as the next resistance on the H4 charts
Downtrend channel as lower highs and lower lows correspond to the supports and resistances, Gold looks likely to break below 1200 if 1225 looks to resist again on the hourly charts
Gold remains bearish particularly if the U.S Non Farm Payrolls tomorrow further enhances the integrity of the U.S system and their route towards recovery. The drop in Gold prices has increased demand somewhat for U.S mint gold coins. The likelihood of increase in rates in the U.S is likely to keep gold prices bearish for sometime as speculation is rife on the total wind down of the Fed's QE and the timing of the rate increase.
Trend Direction |
S3 |
S2 |
S1 |
R1 |
R2 |
R3 |
Entry |
Stop Loss |
Exit |
Bearish | 1194 | 1200 | 1208 | 1215 | 1225 | 1232 | 1225 | 1228 | 1200 |
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