Despite the rebound effort, firm barriers remain intact and untested at 1105/1109 (as we expected), to leave the risks for a roll back lower on Tuesday to reinforce the Friday plunge.
Moreover, the plunge lower last week and and previous July losses with violations of long term supports at 1111 and 1100 leaves risk to still further long term support targets into latter July/ early August.
We see a downside bias for 1087; break here aims for key 1076/72.
But above 1105/09 opens risk up to 1118, which we would look to cap.
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