Gold 2015-05-07

May 07 2015, 12:13 pm

GOLD 1184

Wide Range Market – breakout on the edge

On the short term view ; the market is ranging widely between major levels of 1170s and 1220s ; the breakout of one of these levels would push further the market on the direction of that breakout which would be the new mid-term trend .

On the longer-term view : The view has become stabilized after a drop was expected further ; the market would range between 1250 and 1150; the penetration of one of this level would determine the new longer term( which is downside move is the most probable scenario ) direction and continuously we would update the view as the factors are changing .
The chart analysis provided for mid-term view

Daily Trend: Down
Weekly Trend: Range

  Support Resistence
Level 1 1178 1195
Level 2 1172 1205
Level 3 1162 1212
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