5 Sep 2013
Gold teetering on brink of nasty decline unless something changes quickly
FXstreet.com (Barcelona) - Gold was turned back at 1,420 key resistance last week and then failed to rally Wednesday even as the DXY traded lower – both warning signs according to technicians.
Gold may have to rely on safety money flowing in to stave off trading disaster
Were it not for the US / Syrian situation, we may have already seen gold begin the next gut-wrenching leg lower. However, the reality is that gold is likely to continue to see some buying as long as things remain hyper-volatile with that situation.
Technical outlook for gold
Technicians say that at this point gold below 1,421 is very bearish – to the point that downside targets are all the way down below 1,100. Shorter-term support comes in at 1,271.80 and 1179.80. If gold can conquer that level, however, the next stop higher will be 1,493.
Gold may have to rely on safety money flowing in to stave off trading disaster
Were it not for the US / Syrian situation, we may have already seen gold begin the next gut-wrenching leg lower. However, the reality is that gold is likely to continue to see some buying as long as things remain hyper-volatile with that situation.
Technical outlook for gold
Technicians say that at this point gold below 1,421 is very bearish – to the point that downside targets are all the way down below 1,100. Shorter-term support comes in at 1,271.80 and 1179.80. If gold can conquer that level, however, the next stop higher will be 1,493.