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.
WHAT CHANGES THIS?
· 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:/members.marketchartist.com/Daily/gold.pdf
Daily Gold Future Chart
Monthly Gold Future Chart