Gold penetrate !! A market hit the cheapest price for the yellow metal for the first time since March 2010.
The market broke a declining symmetrical triangle, 1225 and 1162 represent the expected trading range for it. Breaking 1162s levels would activate the accelerated breach scenario toward 1148, 1132 levels ( Penetrated it already ! ) as we expected before. The Gold is trading 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: Down
Weekly Trend: Down