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Gold Setting Up for a Bearish Shift

Posted by on in Commodity Chart Updates
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Gold Setting Up for a Bearish Shift

Another bounce effort, but only after a failure back from ahead of 1183 (from 1178) to push down through the 1168/67 area for a still negative bias Wednesday.

Although still within the broader range, we see risk this week of a bear shift below 1162.

For Today:

We see a downside bias for 1165/62; break here aims closer to 1150.

But above 1178 opens risk up to 1183, which we again look to try to cap.

Short/ Intermediate-term Range Parameters: We see the range defined by 1215 and 1164/62.

Range Breakout Challenge

Upside: Above 1215 aims higher for 1232/34 and 1244/45.

Downside: Below 1164/62 sees risk lower for 1142 and 1131.

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 '15)


Daily Gold Future Chart (Aug '15)


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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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