Yesterday’s bearish wave has taken gold below SMA20, which is a negative catalyst, while trading below 1136.35 is the main negative factor that pushed the metal lower.

Assessing indicators, ADX started to show the strength of the bearish trend and a break below 1113.65 would make signs on ADX more negative.

RSI might be influenced by this breakout, while short-term traders could be protected by 1154.65 from the topside.

Support: 1120.00 – 1113.00 – 1100.00

Resistance: 1130.00 – 1136.00 – 1140.65

Direction: Bearish

Posted By: ICN.COMon: August 27, 2015In: Technical Analysis

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