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Gold ($GC_F) Aims at $1045 and $1000

Posted by on in Commodity Chart Updates
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Gold ($GC_F) Aims at $1045 and $1000

An aggressive plunge lower Monday after significant erosion last week wiped out longer term supports at 1111 and 1100 to aim for still further long term targets into July.

For Monday, however, the bias is now likely for erratic consolidation.

For Today: We see a neutral tone between 1110 and 1098 (with a negative bias)

Break above 1110 aims for 1129/31, which we would look to try to cap.

Break below 1098 aims for 1080, which we would look to try to hold.

Short/ Intermediate-term Outlook - Downside Risks:

We now see a more negative tone with the bearish threat through 1080.

Below here targets 1045 and 1000.

What Changes This? Above 1188 signals a neutral tone, only shifting positive above 1204.5. 

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.

A taster of the report above. To view the full Gold future report with screencasts, levels and more, click here 
Remember, for a FREE trial of our Commodity and all other reports, sign up by clicking here

2 hour Gold Future Chart (Aug '2015)


Monthly Gold Future Chart (Aug '2015)


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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