The Friday plunge through 1168, the 2015 low has been reinforced by probes still lower this week through minor supports .
The lackluster Monday bounce, capped by 1174/79 leaves the focus on support and for a further bear extension.
Short-term Outlook - Downside Risks:
- We see a more negative tone with the bearish threat through the new 1146 low.
- Below here sees March risk to 1143 and maybe 1132, the 2014 cycle low.
- Growing threat into April, is for a break below 1132 for 1100 and longer term support at 1045.
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Daily Gold Future Chart (April 205 Contract)
Monthly Gold Future Chart (April 205 Contract)