Gold (XAUUSD)
1121
Gold penetrate !! A market hit the cheapest price for the yellow metal for the first time since March 2010.
The market succeeded to reach the bearish channel’s resistance after breaching 1145 levels ( Penetrated it already ! ), which succeeded to reach strength to the resistance at 1165.00. We prefer to stay aside temporarily in order to monitor the price behavior according to the key levels represented by 1165 resistance and 1125 support, as breaching this resistance will extend gains on the short term basis to head towards 1185 then 1200 and extend to 1230, while breaking the support represents negative factor that will keep trading inside the bearish channel, and the negative targets begin with breaking the support at 1125.00 and extend to 1080.00.
Therefore, if the market a declining again to break 1162s levels would activate the accelerated breach scenario toward 1148, 1132., 1225 represent the expected trading range for it. The Gold if trading again around 1100s level, and if break it again which supports to resume the expected bearish trend for the upcoming period, will go to heading towards next target at 1044s. and there are signals for a bearish channel, providing signals for the continuation of the bearish bias in the upcoming period. Pointing that the next target located at the bearish channel’s support at 985s, while the decline will remain valid and preferred unless breaching 1180 level and holding above it.
However, the market is expected to be traded on a range zone with higher volatility, because the major inflation rates or even outlook have not been changed yet, and even a delay for The Fed Rate hike.
Daily Trend: UP
Weekly Trend: Down
| Support | Resistence | |
| Level 1 | 1122 | 1142 |
| Level 2 | 1108 | 1169 |
| Level 3 | 1097 | 1188 |
