Gold 2015-09-10

Descending Triangle Breakout!

The Gold has broken yesterday its descending channel at the levels of 118, which probably would drive the market toward a level below 1100s

On the Short-Term:
The market has broken its consolidation pattern at the levels of 1180s, then this pattern would be considered as a reversal pattern. Market is trading a levels below 1100s on the short-term, however, in case the market retraced upward and closed above the price of 122s then the downward move would be considered as a fade move and mid-term upward direction would be continued.

On the Mid-Term:
On the mid-term we still see the market on weekly time frame trading on a declining channel, after reaching the bottom of that channel (117s levels) the market rebounded, so, we do see the price of 1200s as the mid-term target as long as the yellow metal trading within the mentioned channel which would you see it in our previous reports.

On the long-Term:
The longer-view for gold still confuse everyone , a lot see more prices below 1000s per-ounce , and major parties see a prices back toward 1500s per ounce. However , we would prefer the lower prices expectation , as we see the major support on the long-term view at 950 dollar per ounce as long as the market still trading below 1330s levels .

Daily Trend: Down
Weekly Trend: Down

	Support	Resistence
Level 1	1102	1122
Level 2	1097	1138
Level 3	1085	1155