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Gold Bear Risk Re-energized; Early November Bias for Key 1183.3/79.4 Area

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Gold Bear Risk Re-energized; Early November Bias for Key 1183.3/79.4 Area

Gold future bearish theme resumes

·         We stated in recent reports to our clients that “modest resistance at 2135/36 has capped to keep the bias lower for a neutral shift and range theme; through 1222 and maybe for a bearish trend resumption through 1217”.

·         The acceleration Wednesday below 1217 completed a small topping structure and more bearish tone and aims still lower this week and into early November.

·         We now see immediate risk to 1205/03 chart props next.

·         Overshoot threat for month-end and into early November is lower for 1191/90 and likely for a retest of the 1183.3 cycle low and 2013 low at 1179.4.


·         Above 1216/17 eases bear risks; through 1235.5 signals a neutral tone, only shifting positive above 1256/59.

See full report with levels & latest screencast here: http:/

Daily Gold Future Chart



Monthly Gold Future Chart




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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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