Gold 2015-06-03

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GOLD 1189

Wide Range Market – breakout on the edge

On the short term view ; the market is ranging widely between major levels of 1170s and 1228s ; 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 . Moreover, the market buying pressure still exists and accelerates which means more upside move is expected to the levels of 1250 /1270 respectively on the short-term view. Any decline below 1180( The new Pivotal area) would return the selling pressure and more downward move would be generated to the levels of 1130s

On the longer-term view : The view has become stabilized after a drop was expected further ; the market would range between 1280 and 11300; the penetration of one of this level would determine the new longer term( which is downside move is the most probable scenario to target 1120 and 1050 , and an upside move to 1280 before the expected decline ) direction and continuously we would update the view as the factors are changing .

Daily Trend: Down
Weekly Trend: Range

  Support Resistence
Level 1 1177 1197
Level 2 1162 1205
Level 3 1155 1217


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