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
Monthly Gold Future Chart