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Gold probes the 1183.8 cycle low; bear bias for key 1155.6/ 1154.5 area

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Gold probes the 1183.8 cycle low; bear bias for key 1155.6/ 1154.5 area

Gold future bearish theme further reinforced

·         We have remained bearish into early October, having stated in just our last report that “we see risk still for 1200 Friday, certainly into next week, and then to the 1183.8 low”.

·         The focus is now on this low from the very end of 2013, probed already this a.m. and then just below the low for last year, at 1179.4.

·         The risk into mid-month is for a break here to target still longer term support levels 1155.6/ 1154.5, the latter the 61.8% retrace if the 20008-11 bull rally.

·         Overshoot threat is then to 1100 and into mid-Q4, to the 1045.2 chart target.

WHAT CHANGES THIS?

·         Above 1224 eases bear risks; through 1237 signals a neutral tone, only shifting positive above 1243.

See full report with levels & latest screencast here: http:/members.marketchartist.com/Daily/gold.pdf

Daily Gold Future Chart

 

b2ap3_thumbnail_gold1.png 

Monthly Gold Future Chart

 

 

b2ap3_thumbnail_gold2.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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