Drop pressure back to affect Gold
Market is expected to be trading between 1273 and 1148 levels ; which is a trading range condition.
The move for yesterday nigh was so fast and we explained the reasons on the previous section but to analyse gold when need a more technical reasons and point of view.
market is expected to be in this range with downward slope and on longer term down breakout is expected to reach lower levels ( as we mentioned by the beginning of this year ) this levels at 1120 and 1050.
But the lower probability scenario is upper breakout of the major pivotal point on the mid-term 1200 levels and the penetrations of that levels would push market further to 1230 and 1250 levels .
However , In longer -term :the downward trend still exist as long as market is trading below 1250 which 1,000 is the expected price .
Daily Trend: Down
Weekly Trend: Down