Gold 2015-06-08

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GOLD 1173

Downside breakout

On the short term ; the market has penetrated the levels of 1177 which was considered a major support area ( now resistance ) ; so , we do expect more downward pressure as the market holding below 1197 levels to target the levels of 1150/1140 as shown at the chart .

On the longer-term view : The view has become stabilized after a drop was expected further ; the market would range between 1280 and 1130; 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 1172 1188
Level 2 1162 1197
Level 3 1155 1205

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