As we had anticipated in recent client reports, the midweek bounce fading already, capped by our firm chart/ trend line barriers, now at 1216/25.
We still see a short/intermediate term bearish tone from the previous push below chart/ psychological/ retrace support at 1206/1200/1198 to leave the threat still lower into March.
Short-term Outlook - Downside Risks:
- We see a more negative tone with the bearish threat through 1191/90 for 1186/79.
- Through here targets 1168, the 2015 low.
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4 Hour Gold Future Chart (April 205 Contract)
Daily Gold Future (Adjusted Daily Continuation Chart)