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Gold ($GC_F) Bear Trend Poised to Re-Energize

Posted by on in Commodity Chart Updates
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Gold ($GC_F) Bear Trend Poised to Re-Energize

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.

For Today:

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.


 

A taster of the report above. To view the full Gold future report with screencasts, levels and more, click here 
Remember, for a FREE trial of our Commodity and all other reports, sign up by clicking here

2 hour Gold Future Chart (Aug '2015)

b2ap3_thumbnail_go2_20150728-053637_1.png

Monthly Gold Future Chart

b2ap3_thumbnail_go1_20150728-053634_1.png

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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