Gold 2015-06-26

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GOLD 1174

Another Wide Range

On the short term ; the market returns to test the support level at 1181.00, As long as the price stable above 1181.00 level, so we keep preferring the bullish trend in the upcoming sessions, and the price needs to breach 1194.00 to continuo for our main targets at 1215.00 then 1225.00. in case slides below the 1175( major support ) then a downward breakout would be the most expected market reaction targeting the level of 1155. the market has more buying momentum and broke the level of 1188 , if the market hold above that level would mean the buying pressure would accelerate to push the market further to the level of 1215/1225.

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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