An aggressive plunge lower Monday after significant erosion last week wiped out longer term supports at 1111 and 1100 to aim for still further long term targets into July.
For Monday, however, the bias is now likely for erratic consolidation.
For Today: We see a neutral tone between 1110 and 1098 (with a negative bias)
Break above 1110 aims for 1129/31, which we would look to try to cap.
Break below 1098 aims for 1080, which we would look to try to hold.
Short/ Intermediate-term Outlook - Downside Risks:
We now see a more negative tone with the bearish threat through 1080.
Below here targets 1045 and 1000.
What Changes This? Above 1188 signals a neutral tone, only shifting positive above 1204.5.
Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.
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2 hour Gold Future Chart (Aug '2015)
Monthly Gold Future Chart (Aug '2015)